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There are tons of articles out there confusing passive income with residual income. But 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 perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a book. Generally, they get 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 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 form 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 their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and promoted the hell out of these )!
In the digital 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 goods or products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income through product sales are:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their customers purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of the sale when someone clicks from your site to buy it. If your site gets lots of traffic, you can earn a penny out of affiliate links!
This is 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 occupation would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much extra time you log, then there'll always be a limit to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start 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 require a lot of work.
Passive income is money you make from a solution or an investment in which you dont need to do any more work once you put it up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
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Im going to start with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through to the ones youll make the most money on as we proceed through the list so make sure you stick around to catch those last couple of passive income plans.