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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 known as 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 probably curious about passive incomeand the way 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 commercial. Yes, the house needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net cost of each book soldin perpetuity.
In each these cases, your one-time investment consistently offers you an income while you sit back and collect on it. What could be greater than that!
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In the entrepreneurial world, another popular form of passive income is click-to-purchase content, which includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise by means of 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 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 products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your website gets lots of traffic, you can earn a penny from affiliate links!
That is exactly 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 your corporate occupation would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much additional time you log, there will always be a limitation to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You navigate to these guys can work your ass 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 require a lot of work.
Passive great site income is money you earn from a solution or an investment where you dont need to do any more work once you set it up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven favorite passive income resources, income streams 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 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 you can start making money on immediately and will operate through to the ones youll create the most money on as we proceed through the listing so make sure to stick around to catch those last couple of passive income plans.