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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 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 guide, then youre likely interested in 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 real estate propertyresidential or commercial. Yes, the house 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 price of every book soldin perpetuity.
In each of 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 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 purchase the e-book or online training to gain entry to the specialists 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 marketed the hell out of these )!
In the electronic era, 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 could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients buys are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage of the selling when someone clicks from your site to buy it. If your site gets lots of traffic, then you could earn a pretty penny out of affiliate links!
That is 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 a corporate job would be, no matter how hard you work, no matter how fantastic you are in your work, no matter how much additional time you log, then there'll always be a limitation to your incomethats why the word salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn 7 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 take a good deal of work.
Passive income is money you earn from a solution or an investment in which you dont need to do any more work after you put this 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 sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but may 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 instantly and will work read this article through into the ones youll create the most money on as we go through the listing so be sure to stick around to grab those last couple of passive income strategies.