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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 perform 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 shares 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 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 the retail or net cost of each publication soldin perpetuity.
In all 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, that includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and promoted the hell out of these )!
In the digital age, 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 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 product distributors browse around these guys and earn a return on their clients buys are another source of passive income. Like any other sort 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 site gets a lot of traffic, then you could earn a penny out of affiliate links!
This is exactly what dreams are made of. Youre making money even when you arent doing anything. This means that even if 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 occupation would be, no matter how hard you work, no matter how fantastic you are at your work, no matter how much additional time you log, there'll always link be a limitation to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin 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 some of them take a lot of work.
Passive income is money you make from a solution or an investment in which you dont have 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 share my seven popular passive income sources, 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 per month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which you can start making money on immediately and will work through into the ones youll create the most money on as we go Extra resources through the list so be sure you stick around to grab those last few passive income plans.