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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 really 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 interested in passive incomeand the way 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 receive from a property propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still flow in each 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 of 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 such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise by means of 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 (obviously, only once theyve gained a following and marketed the hell out of themselves)!
In the electronic 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 products or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income through product sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their clients purchases 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 enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of the sale when someone clicks from your site to purchase it. If your site gets lots of traffic, you could 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 work, no matter how much additional time you log, there'll always be a limitation 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 ass 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 solution or an investment in which you dont need to do any more work after you set this up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven popular passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, some of these are check this going to take work but may mean thousands a month you can count on.
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Im going to begin with the simple passive income ideas, the ones you can begin making money on immediately and will work through into the ones youll create the most money on as additional hints we go through the list so make sure to stick around to grab those last couple of passive income strategies.