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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 perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 receive 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 commercial. Yes, the property needs to be maintained, however, the earnings still stream in every 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 publication 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 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 courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and promoted the hell out of themselves)!
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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Obviously, the selling of manufactured products or products 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 see via merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients buys are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you receive a percentage of their sale when someone clicks from your site to buy it. If your site gets a lot of traffic, you can earn a pretty penny from affiliate links!
That is exactly what dreams are made from. 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 are at your job, no matter how much extra time you log, there will always be a limit 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 a number of them take a lot of work.
Passive income is money you make out of a solution or an investment where you dont need to do any more work after you set this up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven favorite passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, some 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 easy passive income thoughts, the ones which you can start making money on immediately and will work through into the ones youll make the maximum money on as we proceed through the list so be sure you stick around to grab those last few passive income strategies.