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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 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 guide, then youre probably 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 shares you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a real estate propertyresidential or commercial. Yes, the house 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 their retail or net price of every publication soldin perpetuity.
In each these circumstances, 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 such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase 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 promoted the hell out of these )!
In the digital era, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Of course, 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. Some of the most common sources of passive income through product check my source sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage of the selling when someone clicks from your site to purchase it. If your website gets lots of traffic, you could earn a penny out of affiliate links!
This 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much extra time you log, 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 seven 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 take a good deal of work.
Passive income is money you earn from a product or an investment where you dont have to do any more work after you put this 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 my link thoughts, the ones you can begin making 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 plans.