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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 called 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 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 get 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 real estate propertyresidential or commercial. Yes, the house needs to be maintained, however, 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 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 greater than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, which includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has already 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 these )!
In the electronic 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 is it passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors 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 customers), the long-term benefits can be huge!
Affiliate Programs: Our site As an affiliate, you promote a companys products or services on your site, and you receive a percentage of the selling when someone clicks from your site to buy it. If your website gets lots of traffic, then you could earn a pretty penny from affiliate links!
That is exactly what dreams are made of. 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 are at your job, no matter how much extra time you log, then there'll always be a limitation to your incomethats 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 butt 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 require a good deal of work.
Passive income is money you make from a product or an investment where you dont need to do any more work once you put this up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven favorite passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands per month you can count on.
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Im going to start with the simple passive income ideas, the ones which you can begin making money on immediately and will work through to the ones youll make the maximum money on as we go through the list so make sure you stick around to catch those last few passive income plans.