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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 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 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 get from a real estate propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of each book 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 greater than that!
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In the entrepreneurial world, another popular form of passive income is click-to-purchase content, that 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 purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has prepared the content, they all 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 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 he has a good point of passive income through this content merchandise sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting faithful clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, 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 could earn a 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 your corporate occupation would be, 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'll always be a limitation to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then start 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 some of them take a lot of work.
Passive income is money you earn from a product or an investment in which you dont have to do any more work after you put it up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones which you can start making money on immediately and will operate through into the ones youll create the most money on as we proceed through the list so make sure you stick around to grab those last few passive income strategies.