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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 work to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 receive paid from any stocks 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, but 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 price of every book soldin perpetuity.
In each these cases, your one-time investment consistently provides you with an income at the same time you sit back and collect on it. What could be better 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 buy the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of themselves)!
In the electronic 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. Some 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 clients buys are another source of passive income. As with any other type 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 their selling when someone clicks from your site to buy it. If your website gets lots of traffic, then you could earn a penny from affiliate links!
This is exactly what dreams are made from. Youre making money even when you arent doing anything. This means that even when youre read this post here 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 work, no matter how much additional time you log, then there will always be a limit to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then begin 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 some of them require a good deal of work.
Passive income is money you make out of a product or an investment where you dont need to do any more work once you put it up. That means consistent cash flow each month if 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 every month. Now Im not going to sugar coat this, a few of these are going to take work but index 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 immediately and will work through to the ones youll make the most money on as we go through the listing so be sure to stick around to catch those last couple of passive income plans.