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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 sort 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 probably curious about 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 commercial. Yes, the property needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net cost of each book soldin perpetuity.
In each 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 form of passive income is click-to-purchase content, that includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and promoted 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 goods or merchandise 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 are:
Item Distribution: Companies that enable individuals to become product distributors 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 products or services on your site, and you receive a percentage of their sale when someone clicks from your site to buy it. If your website gets a lot of traffic, then you could earn a penny out of affiliate links!
This is 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 are in your job, no matter how much extra time you log, there'll always be a limitation to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then begin investing!
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You can work your butt 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 lot of work.
Passive income is money you earn out of a read what he said product or an investment in which you dont need 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 make money every month. Now Im not going to sugar coat this, a few of them are 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 which you can begin making money on instantly and will operate through into the ones youll make the most money on as we proceed through the list so make sure you stick around to catch those last couple of passive income strategies.