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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 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 article, then youre probably 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 commercial. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net cost of each book soldin perpetuity.
In all these circumstances, your one-time investment consistently provides you with an income at the same time 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 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 entry to the experts knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (of course, 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 might be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable additional reading individuals to become product vendors and earn a return on their clients purchases are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive a percentage of their selling when someone clicks from your site to purchase it. If your website gets lots of traffic, then you can earn a pretty 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 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 he said corporate occupation would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much extra time you log, there'll always be a limitation to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You can work your butt 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 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 it up. That means consistent cash flow each month if youre working or not.
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Im going to discuss my seven popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
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Im going to start with the easy passive income ideas, the ones which you can begin making money on immediately and will operate through to the ones youll make the maximum money on as we proceed through the listing so make sure you stick around to grab those last few passive income plans.