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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 guide, then youre likely curious about passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a real estate propertyresidential or business. Yes, the property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net cost of every publication soldin perpetuity.
In each these cases, your one-time investment consistently provides you with an income while 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 his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry 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 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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Obviously, the selling of manufactured products or products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income via product sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source check this of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get a percentage of the sale when someone clicks from your site to purchase it. If your site gets lots of traffic, then you could earn a pretty penny out of 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're in your work, no matter how much additional time you log, then there will always be a limit to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start 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 some of them take a lot of work.
Passive income is money you make out of a solution or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income resources, income flows I use to create money each month. Now Im not going to sugar coat this, some of them 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 easy passive income ideas, the ones which you can begin making money on immediately and will operate through to the ones youll make the most money on as we proceed through the listing so make sure to stick around to catch those last couple of passive income plans.