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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 actually 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 curious about passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a property propertyresidential or business. Yes, the property needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net cost of every publication soldin perpetuity.
In each these circumstances, your one-time investment consistently provides you with 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, that includes products such as 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 access to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (of course, only once 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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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 merchandise distributors and earn a return on their customers buys 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 benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to buy it. If your site gets lots of traffic, then you can 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 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 is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, there will always be a limitation to your incomethats why the term salary limit exists.
Unlike your company find salary, passive income has no limitations. Want to earn 7 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 good deal of work.
Passive income is money you earn out of a solution or an investment in which you dont need to do any more work after you set 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 streams I use to make money every month. Now Im not going see here now to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.
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Im going to start with the simple passive income thoughts, the ones which you can start making money on immediately and will operate through into the ones youll create the most money on as we go through the list so be sure to stick around to catch those last couple of passive income strategies.