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There are tons of articles out there confusing passive income with residual income. But 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 article, then youre probably interested in passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get 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 real estate propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net price of every publication soldin perpetuity.
In each of 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 form of passive income is click-to-purchase content, which 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 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 themselves)!
In the electronic 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 merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their customers purchases are another source of passive click this link income. Like any other type 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 market a companys products 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 a lot of traffic, you can earn a penny out of affiliate links!
That is 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 are at your work, no matter how much additional time you log, there will always be a limitation 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 butt 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 where you dont have to do any more work once you set this 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 resources, income flows 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 begin with the easy passive income ideas, the ones which you can start making money on immediately and will operate through to the ones youll make the most money on as we go through the listing so make sure to stick around to grab those last few passive income strategies.