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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 called disposable income, residual income isnt actually 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 article, then youre probably interested in 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 house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net cost of each book soldin perpetuity.
In all 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, which includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists 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 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. Some of the most common sources of passive income via product sales visit 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 loyal clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of the sale when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a pretty penny out of 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 a corporate job is, no matter how hard you work, no matter how fantastic you're at your job, no matter how much extra time you log, there'll always be a limitation 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 ass off to make 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 out of a product or an investment in which 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 popular passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which you can start making money on instantly and will work through into the ones youll create the most money on as we proceed through the list so be sure to stick around to grab those last couple of passive income strategies.