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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 article, then youre likely 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 stocks 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 commercial. Yes, the house needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of the retail or net price of every book soldin perpetuity.
In each 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 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 classes. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy 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 (obviously, only once theyve gained a following and promoted 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 products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn a pretty penny out of affiliate links!
That is exactly 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 passive income source(s) continues to roll in.
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The thing about earning money from a corporate job would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, then there'll always be a limitation to your incomethats why the word salary cap 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 butt 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 good deal of work.
Passive income is money you make from a solution or an investment where you dont need to do any more work once you set this up. That means consistent cash flow each month whether youre working or not.
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Im going to discuss my seven favorite passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of them 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 work through to the ones youll create the maximum money on as we go through the list so make sure to stick around to catch those last couple of passive income plans.