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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 really a sort 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 get paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net price of every publication soldin perpetuity.
In each 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 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 classes. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (obviously, 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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Obviously, the selling of manufactured products or merchandise is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Product 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, should you invest up-front (by recruiting faithful clients ), 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 sale when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a penny from affiliate links!
That 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 work, no matter how much additional time you log, then there'll 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 begin investing!
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You can work your butt 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 earn out of 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 share my seven favorite passive income resources, income flows I use to create money every month. Now Im not going to sugar coat this, a few 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 simple passive income ideas, the ones which you can start making money on instantly and will operate through to the ones youll make the maximum money on as we proceed through the list so make sure you stick around to catch those last few passive income strategies.