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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 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 interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive 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 property propertyresidential or business. Yes, the house needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of the retail or net cost of every publication soldin perpetuity.
In all 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, which includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their 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 already 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 these )!
In the electronic era, 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 products or merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers purchases are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting faithful customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you his response get a percentage of the sale when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn a penny out of affiliate links!
That is 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 is, no matter how hard you work, no matter how fantastic you're in your work, no matter how much extra time you log, then there'll always be a limitation to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limits. 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 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 each month if youre working or not.
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Im going to discuss my seven popular passive income resources, income streams I use to make 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 begin with the easy passive income thoughts, the ones which you can begin making money on immediately and will work through to the ones youll create the most money on as we go through the listing so make sure you stick around to catch those last few passive income plans.