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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 called disposable income, residual income isnt actually a sort 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 likely interested in passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property 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 price of each book soldin perpetuity.
In all these circumstances, your one-time investment consistently provides you with 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 form of passive income is click-to-purchase content, which includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their 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 prepared the content, they all need to do is watch the money roll in (obviously, only once 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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Of course, the selling of manufactured products or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you receive 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 pretty penny from affiliate links!
This is exactly what dreams check these guys out 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 your corporate job 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 will 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 seven figures Then start 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 lot of work.
Passive income is money you make from a solution or an investment in which you dont have to do any more work after you put it up. That means consistent cash flow each month if youre working or not.
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Im going to discuss my seven favorite passive income sources, income streams I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands a month you can count on.
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Im going to start with the simple passive income ideas, the ones you can start making money on instantly and will work through into the ones youll create the maximum money on as we proceed through the list so make sure you stick around to catch those last couple of passive income plans.