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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 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 probably interested in 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 receive from a property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of their retail or net price of each book soldin perpetuity.
In all of these cases, your one-time investment consistently provides you with 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 type of passive income is click-to-purchase content, that includes products such as e-books, how-to guides, or online courses. 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 (obviously, only after theyve gained a following and marketed the hell out of these )!
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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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. Some of the most common sources of passive income via product 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, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of the sale when someone clicks from your site to buy it. If your website gets lots of traffic, then you can earn a pretty penny out of affiliate links!
That is 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 your corporate occupation is, no matter how hard you work, no matter how fantastic you are in your job, no matter how much extra time you log, there will always be a limit to your incomethats why the word salary Home Page limit exists.
Unlike her comment is here your company salary, passive income has no limitations. Want to earn 7 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 some of them require a lot of work.
Passive income is money you make out of a solution or an investment where you dont have to do any more work after you set this up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven popular passive income sources, income flows I use to make money each 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 begin making money on instantly and will operate through into the ones youll create the maximum money on as we go through the list so be sure you stick around to catch those last few passive income plans.