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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 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 article, 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 get paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net price of every publication soldin perpetuity.
In all of these cases, 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 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 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 marketed the hell out of themselves)!
In the electronic era, 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 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 through product sales are:
Product try this out 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, should you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market 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 discover this site gets a lot of traffic, you could earn a penny from affiliate links!
This is what dreams are made of. 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 a corporate job would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much additional time you log, then there will 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 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 where you dont have to do any more work after you put this up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven popular passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands per month you can count on.
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Im going to begin with the easy passive income ideas, the ones you can begin making money on immediately and will operate through to the ones youll create the maximum money on as we proceed through the listing so make sure you stick around to grab those last few passive income plans.