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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 sort 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 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 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 flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In each these circumstances, your one-time investment consistently offers you 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, that includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has prepared the content, all they 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 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 goods or merchandise is an age-old source of income, but is it passive income it might 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 merchandise vendors and earn a return on their customers purchases are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate view it now Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of the sale when someone clicks from your site to purchase it. If your website gets a lot of traffic, you could earn a penny out of affiliate links!
That is what dreams are made of. Youre click here to read 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 is, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, then there'll always be a limitation to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then start investing!
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You 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 good deal of work.
Passive income is money you earn out of a product or an investment where you dont need to do any more work basics after you set this 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 resources, income flows I use to create money each month. Now Im not going to sugar coat this, some of these 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 simple passive income thoughts, the ones you can begin making money on instantly 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 plans.