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There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt actually a sort of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 shares you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a property propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net price of every publication soldin perpetuity.
In each of these circumstances, your one-time investment consistently provides you with an income at the same time you sit back and collect on it. What could be better 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 courses. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (of course, only after theyve gained a following and promoted the hell out of themselves)!
In the electronic age, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Of course, the selling of manufactured products or merchandise is an age-old source of income, but is it passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of their sale when someone clicks from your site to purchase it. If your website gets lots of traffic, you could earn a penny from affiliate links!
This is 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 occupation is, no matter how hard you work, no matter how fantastic you are at your work, no matter how much additional time you log, then there will always be a limitation to your incomethats why the word salary read review cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin investing!
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You can work your ass off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a good deal of work.
Passive income is money you make from a product or an investment in which you dont need to do any more work once you put this up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven favorite passive income resources, income streams I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can start making money on instantly and will work through to the ones youll create the maximum money on visit as we proceed through the list so make sure to stick around to grab those last few passive income strategies.