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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 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 likely curious about 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 receive from a property propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net price of every book soldin perpetuity.
In all of these cases, 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, which includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her 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 already prepared the content, all they need to do is watch the money roll in (obviously, only after theyve gained a following and marketed the hell out of these )!
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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Obviously, the selling of manufactured products or merchandise is an age-old source of income, but is it passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Item 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 type of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your website, and you receive a percentage of the selling when someone clicks from your site to purchase it. If your website gets a lot of traffic, then you could earn a penny from affiliate links!
This is exactly what dreams 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 are at your job, no matter how much extra time you log, then there will always be a limit to your incomethats why the term salary cap 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 butt off to make 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 earn from a product or an investment in which you dont have to do any more work once you put it up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands per month you can count on.
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Im going to begin with the simple passive income ideas, the ones which you can start making money on immediately and will operate through to the ones youll make the most money on as we go through the listing so be sure you stick around to grab those last couple of passive income plans.