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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 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 business. Yes, the property needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of their retail or net cost of every publication soldin perpetuity.
In each these cases, your one-time investment consistently offers you 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 like 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 access to the specialists knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and marketed the hell out of themselves)!
In the electronic era, 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 goods 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 merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you get a percentage of their selling when someone clicks from your site to purchase it. If your website gets lots of traffic, you could earn a pretty penny out of 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 home money youre your passive income source(s) continues to roll in.
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The thing about earning money from your corporate occupation would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, there'll always be a limit to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then start investing!
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You can work your butt 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 lot of work.
Passive income is money you make from a product or an investment where you dont have to do any more work after you set it up. That means consistent cash flow each month whether youre working or not.
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Im going to discuss my seven favorite passive income resources, income flows I use to create money every month. Now Im not going to sugar coat this, some of them 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 thoughts, the ones you can start making money on immediately and will work through into More about the author the ones youll make the most money on as we go through the list so be sure to stick around to grab those last couple of passive income strategies.