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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 called disposable income, residual income isnt actually a type of income, its a calculation that accountants work to determine what your income is after paying all expenses and debts.
If youre reading this guide, then youre probably interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive 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 commercial. Yes, the house needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net cost of every book soldin perpetuity.
In all 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 type 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 buy 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 (of course, only once theyve gained a following and marketed the hell out of these )!
In the digital era, knowledge is powerand money. Selling your knowledge through online merchandise 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 can it be passive income it might be, depending on the business model. Some 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 clients buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you get a percentage of their sale when someone clicks from your site to buy it. If your website gets a lot of traffic, then you can earn a pretty 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 your corporate occupation would be, no matter how hard you work, no matter how fantastic you are in your work, no matter how much extra time you log, then there will always be a limitation to your incomethats why the word salary limit 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 solution or an investment in which you dont have to do any more work once you set it up. That means consistent cash flow each month whether youre working or not.
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Im going to discuss my seven favorite passive income sources, income flows I use to make 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 simple passive income thoughts, the ones which you can begin making you can look here money on instantly and will work through into the ones youll create the most money on as we proceed through the list so make sure to stick around to catch those last few passive income strategies.