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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 called 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 guide, then youre probably curious about 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, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net price of each book soldin perpetuity.
In each of these cases, your one-time investment consistently provides you with an income while 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 like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all 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 electronic age, 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 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 via product sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and visite site earn a return on their customers buys 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 enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you get a percentage of the selling when someone clicks from your site to buy it. If your website gets a lot of directory traffic, you can earn a penny out of affiliate links!
That 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 your 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, there will always be a limit to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven 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 some of them take a lot of work.
Passive income is money you earn out of a product or an investment where you dont need to do any more work once you put this 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 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 simple passive income thoughts, the ones you can start making money on instantly and will operate through to the ones youll make the maximum money on as we go through the list so be sure you stick around to catch those last few passive income plans.