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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 guide, then youre likely 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 receive from a property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net price of every 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 type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and marketed the hell out of themselves)!
In the digital age, 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 merchandise 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 via product sales are:
Item Distribution: Companies that enable individuals to become product vendors 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 loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you get a percentage of their selling when someone clicks from your site to buy it. If your website gets lots of traffic, then you could earn a penny out of affiliate links!
This is what dreams are made from. 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 job is, no matter how hard you work, no matter how fantastic you are at your work, no matter how much extra time you log, there'll always be my link a limitation to your incomethats the term 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 make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a lot of work.
Passive income is money you earn out of a product or an investment where you dont have to do any more work once you put it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can start making money on instantly and will work through to the ones youll create the maximum money on as we proceed through the list so make sure to stick around to grab those last couple of passive income plans.