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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 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 likely interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get 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 commercial. Yes, the property 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 their retail or net cost of each publication 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 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 buy the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and promoted the hell out of these )!
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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Of course, the selling of manufactured products or products is an age-old source of income, but is it passive income it might be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients buys are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you get a percentage of the selling when someone clicks directory from your site to buy it. If your website gets lots of traffic, you could earn a pretty penny from 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 your corporate job is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much additional time you log, there'll always be a limitation to your incomethats why the word salary cap 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 some of them take a lot of work.
Passive income is money you earn from a product or an investment where you dont have to do any more work after you set it up. That means consistent cash flow each month whether 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 each 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 start with the easy passive income thoughts, the ones you can start making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the listing so make sure you stick around to catch those last couple of passive income strategies.