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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 actually 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 the way 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 receive from a real estate propertyresidential or business. Yes, the house needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of the retail or net price of each publication soldin perpetuity.
In each these cases, 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 type 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 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 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 might be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting faithful customers), 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 sale when someone clicks from your site to buy it. If your website gets a lot of traffic, then you can earn a pretty penny from affiliate links!
This is exactly 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 find out here from a corporate occupation is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much extra time you log, then there will always be a limitation to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn 7 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 earn out of a product or an investment where you dont have to do any more work after you put it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income resources, 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 will mean thousands a month you can count on.
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Im going to start with the easy passive income thoughts, the ones you can start making money on instantly and will work through into the ones youll create the maximum money on as we go through the listing so make sure to stick around to grab those last couple of passive income strategies.