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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 called disposable income, residual income isnt actually a type 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 likely 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 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 business. Yes, the property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net cost of every book soldin perpetuity.
In all these circumstances, 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 type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her 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 already prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of these )!
In the digital 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 can it be passive income It could be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become product distributors and earn a return on their customers purchases are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of their selling when someone clicks from your site to purchase it. If your website gets a lot of traffic, then you can earn a pretty penny from affiliate links!
That is exactly what dreams are made from. 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 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, click here now 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 ass 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 money you earn from a product or an investment in which you dont need to do any more work after you put this up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven popular 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 per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can begin making money on immediately and will operate through to the ones youll create the most money on as we go through the listing so make sure to stick around to catch those last few passive income plans.