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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 known as disposable income, residual income isnt really a type 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 interested in 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 get from a real estate 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 novel. Generally, they have paid a percentage of the retail or net price of every book soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you an income while you sit back and collect on it. What could be greater than that!
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In the entrepreneurial world, another popular form 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 specialists knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (obviously, only after theyve gained a following and marketed the hell out of themselves)!
In the digital era, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Obviously, the selling of manufactured products 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 merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of their 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 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 roll in.
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The thing about earning money from your corporate job is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, then there will always be a limit to your incomethats why the term 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 earn 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 out of a product or an investment in which you dont need to do any more work once you put 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 resources, income streams I use to make 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 simple passive income thoughts, the ones you can begin making money on instantly and will work through into the ones youll create the most money on as we go through the list so make sure you stick around to grab those last few passive income plans.