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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 type of income, its a calculation that accountants work to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre likely curious about passive incomeand how 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 house needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In all of these cases, your one-time investment consistently offers you an income at the same time 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 such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry 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 after theyve gained a following and promoted the hell out of themselves)!
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 goods or products 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:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their clients purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market 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 website gets a lot of traffic, then you can earn a pretty penny out of affiliate links!
That is exactly what dreams are made from. Youre making money article 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 job is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much additional time you log, there will always be a limitation to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin investing!
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You can work your ass off to make money but youll never get anywhere until you see this website 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 earn from a product or an investment where you dont need to do any more work once you set this 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 make 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 start with the simple passive income ideas, the ones which you can begin making money on immediately and will work 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 strategies.