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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 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 how 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 real estate propertyresidential or business. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In each 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 form 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 his/her expertise through 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, 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 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 goods 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 merchandise 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 up-front (by recruiting faithful customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of their sale when someone clicks from your site to buy it. If your site gets a lot of traffic, you can 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 if youre sick, traveling, or dont feel like working, the money youre your see it here passive income source(s) continues to roll in.
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The thing about earning money from your corporate job is, no matter how hard you work, no matter how fantastic you are at your job, no matter how much extra time you log, 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 7 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 a number of them take a lot of work.
Passive income is money you earn from a product or an investment where 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 popular passive income sources, income streams I use to create money every month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands a month you can count on.
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Im going to start with the simple passive income ideas, the ones which you can begin making money on immediately and will work through into the ones youll make the most money on as we proceed through the listing so be sure you stick around to catch those last few passive income plans.