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There are tons of articles out there confusing passive income with residual income. But 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 article, 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 get 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 house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of the retail or net price of each publication soldin perpetuity.
In all of these cases, your one-time investment consistently provides you with 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 classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (obviously, 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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Of course, the selling of manufactured goods or merchandise is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income through product sales are:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their customers purchases are another source of passive income. As with any other sort Read More Here of passive income, should you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of the selling when someone clicks from your site to buy it. If your website gets a lot of traffic, then you can earn a penny out of affiliate links!
This is what dreams are made from. 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 occupation is, no matter how hard you work, no matter how fantastic you're in your work, no matter how much additional time you log, then there'll always be a limit to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven his response 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 lot of work.
Passive income is money you make from a product or an investment in which you dont have 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 share my seven favorite passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands a month you can count on.
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Im going to begin with the simple passive income ideas, the ones which you can start making money on instantly and will operate through to the ones youll make the maximum money on as we proceed through the listing so be sure to stick around to catch those last couple of passive income strategies.