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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 really a type 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 probably interested in passive incomeand how 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 property propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net price of each book 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 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 his/her 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 already prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of these )!
In the electronic era, 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 products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source of passive income. Like any other try here type of passive income, should you invest up-front (by recruiting faithful customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of their sale when someone clicks from your site to buy it. If your site gets lots of traffic, 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 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 a corporate occupation would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much extra time you log, then there will always be a limit to your incomethats the term 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 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 product or an investment where you reference dont have to do any more work after you put this up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
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Im going to start with the easy 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 listing so make sure you stick around to grab those last few passive income strategies.