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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 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 get paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a real estate propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net cost of every book soldin perpetuity.
In all of these cases, your one-time investment consistently offers you an income at the same time 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, which includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her 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 prepared the content, all they 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 merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured products or products 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 through product 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 income. As with any other sort of passive income, should you invest up-front (by recruiting loyal customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote 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 lots of traffic, you can earn a penny out of affiliate links!
This is exactly what dreams click over here are made of. 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're at your work, no matter how much additional time you log, then there'll always be a limitation to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn 7 figures Then begin investing!
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You can work your ass off to click here for info make 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 make out of a solution or an investment where you dont need to do any more work after you set this 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 resources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
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Im going to start with the easy passive income ideas, the ones which you can begin making money on instantly and will operate through to the ones youll create the most money on as we go through the listing so be sure to stick around to grab those last see it here couple of passive income strategies.