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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 called disposable income, residual income isnt really 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their 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 better than that!
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In the entrepreneurial world, another popular form of passive income is click-to-purchase content, which 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 buy the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (of course, only after theyve gained a following and promoted the hell out of these )!
In the digital age, 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 goods or merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income via 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 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 the sale when someone clicks from your site to buy it. If your website gets a lot of traffic, you can 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 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, there'll always be a limitation to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven 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 a number of them require a lot 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 it 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 sources, income flows I use to create money each month. Now Im not going to sugar coat this, some 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 thoughts, the ones which you can begin making money on instantly and will work through to the ones youll create the most money on as we proceed through the listing so be sure to stick around to catch those last few passive income strategies.