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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 sort 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 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 business. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of the retail or net price of every publication soldin perpetuity.
In all 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 greater than that!
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In the entrepreneurial world, another popular type 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 by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, they all 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 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 merchandise 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 product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients purchases are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting faithful 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 sale when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn my sources a penny from affiliate links!
That is exactly 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 is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, there'll 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 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 make from a product or an investment where you dont have to do any more work after 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 popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands a month you can count on.
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Im going here to start with the simple passive income ideas, the ones you can begin making money on instantly and will work through to the ones youll create the maximum money on as we proceed through the list so make sure to stick around to grab those last couple of passive income strategies.