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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 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, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net cost of each publication soldin perpetuity.
In all these cases, your one-time investment consistently provides you with 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 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 his/her expertise through these pre-prepared online productsindividuals purchase 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 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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Obviously, the selling of manufactured goods or products 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 product sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage websites of their selling when someone clicks from your site to buy it. If your site gets lots of traffic, you could earn a pretty penny out of affiliate links!
This is exactly 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 a corporate job would be, no matter how hard you work, no matter how fantastic you're in your work, no matter how much additional time you log, then there'll always be a limitation to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You can work your ass off to earn 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 put this up. That means consistent cash flow each month if youre working or not.
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Im going to discuss my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat look here this, some of these 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 begin have a peek here making money on immediately and will work through to the ones youll make the most money on as we proceed through the listing so be sure to stick around to grab those last few passive income strategies.