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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 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 get from a real estate propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of each book soldin perpetuity.
In each of these circumstances, your one-time investment consistently offers you 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 type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through 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, all they need to do is watch the money roll in (obviously, only once theyve gained a following and marketed 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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Of course, the selling of manufactured goods or merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable 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, if you invest up-front (by recruiting faithful customers), the long-term rewards 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 sale when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a pretty penny from 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 your corporate job is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, then there'll always be a limit to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start 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 additional info sources but a number of them require a lot 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 discuss my seven popular passive income sources, income flows 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 begin with the easy passive income ideas, the ones which you can start making money on immediately 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 strategies.