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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 known as 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 guide, then youre likely 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, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of each book soldin perpetuity.
In each of these circumstances, your one-time investment consistently offers you an income while you sit back and collect on it. What could be greater 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 courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already 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 these )!
In the digital era, 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 products or merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients buys are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your my site site gets a lot of traffic, then you can earn a penny from affiliate links!
This 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 occupation would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, there'll always be a limit to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin investing!
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You can work your useful source 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 visit some of them take a good deal of work.
Passive income is money you make out of a solution or an investment where you dont have 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 share my seven favorite passive income resources, income flows I use to make 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 simple passive income thoughts, the ones you can start making money on immediately and will operate through to the ones youll make the maximum money on as we proceed through the listing so make sure to stick around to catch those last couple of passive income strategies.