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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 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 guide, then youre probably curious about passive incomeand how 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 business. Yes, the property needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net cost of each publication soldin perpetuity.
In each these cases, 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 type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online courses. 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 prepared the content, all they need to do is watch the money roll in (of course, only once theyve gained a following and marketed the hell out of these )!
In the digital era, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Obviously, the selling of manufactured goods 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 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 loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you get a percentage of the sale when someone clicks from your site to purchase it. If your website gets a lot of traffic, then you can 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 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 your corporate occupation is, no matter how hard you work, no matter how fantastic you're in your work, additional hints no matter how much additional time you log, there'll always be a limitation to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. 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 lot of work.
Passive income is money you make out of a product or an investment where you dont have to do any more work once you set it up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven favorite passive income resources, income streams I use to make money every month. Continued Now Im not going to sugar coat this, a few of website link these 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 ideas, the ones which you can begin making money on immediately and will work through to the ones youll make the maximum money on as we proceed through the listing so be sure to stick around to catch those last few passive income strategies.