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There are tons of articles out there confusing passive income with residual income. But in the financial world, residual income has an entirely different meaning. Also known as disposable income, residual income isnt actually a sort 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 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 property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net cost of each book soldin perpetuity.
In all of these circumstances, 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 form 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 already prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and promoted the hell out of themselves)!
In the digital age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Obviously, 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. Two of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you receive a percentage of their selling when someone clicks from your site to buy it. If your website gets a lot of traffic, you can 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 money youre your passive income source(s) continues to roll in.
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The thing about earning money from a corporate occupation is, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, then there will always be a limitation to your incomethats the word salary cap exists.
Unlike your go to website 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 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 good deal of work.
Passive income is money you make from a solution or an investment in which you dont need to do any more work after you set it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven popular passive income resources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will 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 instantly and read review will operate through to the ones youll make the most money on as we go through the listing so be sure you stick around to catch those last few passive income strategies.