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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 known as disposable income, residual income isnt really a type of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably interested in passive incomeand how 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 receive from a real estate propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of every publication soldin perpetuity.
In each these circumstances, your one-time investment consistently offers you an income while 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, which includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the experts 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 marketed the hell out of these )!
In the electronic age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Of course, the selling of manufactured goods or products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Item Distribution: her response 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, should you invest up-front (by recruiting faithful clients ), 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 sale when someone clicks from your site to buy it. If your website gets lots of traffic, then you can earn a penny out of affiliate links!
That is exactly what dreams are made of. 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 a corporate job would be, no matter how hard you work, no matter how fantastic you're in your work, no matter how much additional time you log, there'll always be a limitation to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You can work your ass off to earn 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 require a lot of work.
Passive income is money you make from a solution or an investment where you dont need to do any more work once you set it up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands a month you can count on.
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Im going to start with the simple passive income thoughts, the ones which you can start making money on immediately and will operate through to the ones youll make the maximum money on as we proceed through the list so be sure you stick around to grab those last couple of passive income strategies.