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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 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 business. Yes, the house needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net price of each book 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, that includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists 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 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 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 product sales my explanation are:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to buy it. If your site gets lots of traffic, you can earn a penny from affiliate links!
This is exactly 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 youre your passive income source(s) continues to see page roll in.
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The thing about earning money from your corporate occupation is, 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 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 make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a good deal of work.
Passive income is money you make out of a product or an investment in which you dont basics need to do any more work after you put it up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven favorite passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands per month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can begin making money on instantly and will operate through to the ones youll make the most money on as we go through the list so make sure you stick around to catch those last few passive income plans.