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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 really 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 guide, 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 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 property propertyresidential or business. Yes, the property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of the retail or net cost of each book soldin perpetuity.
In each of these circumstances, 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 type 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 his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists 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 marketed 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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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. Two of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their customers purchases are another source of passive income. Like any other sort of passive income, should you invest important link up-front (by recruiting loyal clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of their selling when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a pretty penny from affiliate links!
That is what dreams are made from. 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 extra time you log, then there will always be a limit to your incomethats the word salary limit exists.
Unlike your 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 out of a solution or an investment in which you dont have to do any more work once you set it up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven favorite passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands per month you can count on.
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Im going to start with the easy passive income thoughts, the ones which you can begin making money on immediately and will work through to the ones youll create the maximum money on as we proceed through the list so be sure to stick around to catch those last couple of passive income strategies.