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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 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 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 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 house needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net price of every book soldin perpetuity.
In all 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 type 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 his/her expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and promoted the hell out of themselves)!
In the electronic age, 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 is it passive income It could be, depending on the business model. Some of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of the selling when someone clicks from your site to purchase it. If your site gets lots of traffic, then you can earn a penny from affiliate links!
This is what dreams are made from. Youre making money even when you arent doing anything. This means that even if youre sick, traveling, find here 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 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, then there'll always be a limitation to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn 7 figures Then begin 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 good deal of work.
Passive income is money you earn from a product or an investment in which you dont need to do any more work once you set it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to create money every month. Now Im not going to sugar coat this, some 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 easy passive income thoughts, the ones you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the listing so be sure you stick around to grab those last few passive income strategies.