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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 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 the way 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 property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of their retail or net cost of every publication soldin perpetuity.
In all 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 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 buy 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 (obviously, only once theyve gained a following and marketed the hell out of themselves)!
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 is it passive income It could be, depending on the business model. Two of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers 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 enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive a percentage of their selling when someone clicks from your site to buy it. If your site gets lots of traffic, you could earn a penny from affiliate links!
This 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 occupation is, no matter how hard you work, no matter how fantastic you are in your job, no matter how much additional time you log, then there'll always be a limitation to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limits. 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 some of them take a good deal of work.
Passive income is money you earn from a solution or an investment in which you dont need to do any more work once you put this up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will my review here 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 go through the list so make sure to stick around to catch those last few passive income plans.