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There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also known as disposable income, residual income isnt really 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 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 stocks 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, however, the earnings still stream in every 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 each 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 through these pre-prepared online productsindividuals buy the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and promoted the hell out of themselves)!
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 goods or products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Item 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, if you invest up-front (by recruiting faithful customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your Discover More site gets lots of traffic, then you can earn a penny out of affiliate links!
That is exactly what dreams are made from. 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 are in your job, no matter how much extra time you log, then there'll always be a limitation to your incomethats why the word 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 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 require a lot of work.
Passive income is money you make out of 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 every month whether youre working or not.
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Im going to discuss my seven favorite passive income resources, 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 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 which you can start making money on instantly and will work through into the ones youll create the maximum money on as we go through the listing so be sure you stick around to grab those last few passive income strategies.