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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 guide, then youre likely 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 get from a real estate propertyresidential or business. Yes, the property needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of the retail or net cost of each book soldin perpetuity.
In each of these cases, your one-time investment consistently provides you with 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 form 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 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 (of course, only once 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 goods or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable More Bonuses individuals to become product distributors and earn a return on their customers buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of their selling when someone clicks from your site to purchase it. If your site gets lots of traffic, you could earn a penny out of affiliate links!
This is exactly what dreams are made from. 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 official site corporate job is, no matter how hard you work, no matter how fantastic you are in your work, 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 limits. Want to earn seven 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 earn from a solution 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 favorite passive income sources, income streams 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 may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can start making money on instantly and will work through into the ones youll make 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.