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There are tons of articles out there confusing passive income with residual income. But in the financial world, residual income has an entirely different meaning. Also known as disposable income, residual income isnt actually a sort of income, its a calculation that accountants work to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably interested in passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a real estate propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In all these circumstances, your one-time investment consistently offers you an income at the same time you sit back and collect on it. What could be greater than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, that includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (obviously, only after theyve gained a following and promoted the hell out of themselves)!
In the digital age, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured products or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a basics return on their clients purchases are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn a pretty penny from affiliate links!
This is exactly what dreams are made from. Youre making money even when you arent doing anything. This means that even when youre sick, traveling, or dont feel like working, the money youre your passive income source(s) continues to roll in.
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The thing about earning money from your corporate job would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much extra time you log, there will always be a limitation to your incomethats the term salary limit exists.
Unlike your company salary, passive more info here income has no limits. Want to earn 7 figures Then begin investing!
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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them require a lot of work.
Passive income is money you make out of a solution or an investment where you dont need to do any more work once you put it up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven popular passive income resources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands per month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can begin making money on immediately and will work through into the ones youll create the most money on as we proceed through the listing so be sure you stick around to catch those last couple of passive income strategies.