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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 work to determine what your income is after paying all expenses and debts.
If youre reading this article, 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 receive paid from any stocks 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 property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net cost of each 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 classes. 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, all they 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 electronic age, 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 goods or merchandise 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 via product sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting faithful description clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of the sale 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 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 index youre your passive income source(s) continues to roll in.
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The thing about earning money from a corporate job would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, then there'll always be a limit to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. 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 make out of a product or an investment where you dont have to do any more work once you put it up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven popular passive income sources, income flows I use to make 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 start with the simple passive income ideas, the ones you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the list so be sure to stick around to grab those last couple of passive income plans.