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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 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 probably 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 receive from a property propertyresidential or business. Yes, the house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net price of each publication soldin perpetuity.
In all of these cases, your one-time investment consistently provides you with 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 form of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access 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 merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured products or products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers buys 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 huge!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you get a percentage of the sale when someone clicks from your site to purchase it. If your website gets lots of traffic, then you could earn a pretty penny out of affiliate links!
That is 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 occupation would be, no matter how hard you work, no matter how fantastic you are at your work, no matter how much additional 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 limitations. Want to earn 7 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 require a good deal of work.
Passive income is you can try this out money you make from a solution or an investment in which you dont have to do any more work once you put this 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 resources, 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 may mean thousands per month you can count on.
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Im going to start with the simple passive income thoughts, the ones you can start making money on instantly and will operate through to the ones youll make the maximum money on as we go through the listing so make sure to stick around to grab those last couple of passive income strategies.