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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 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 likely curious about passive incomeand the way 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 property propertyresidential or business. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of the retail or net cost of every publication soldin perpetuity.
In each these cases, your one-time investment consistently provides you with an income while you sit back and collect on it. What could be better than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, which 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 buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, they all 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 goods or products is an age-old source of income, but can it be passive income It could be, depending on the business model. Some of the most common sources of passive income through product 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, should you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of the sale when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn a penny from go now affiliate links!
That is what dreams are made of. 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 a 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, there will always be a limit to your incomethats why 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 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 take a lot of work.
Passive income is money you make from a solution or an investment in which you dont have to do any more work after you set it web up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to create money every 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 begin with the easy passive income thoughts, the ones you can begin making money on instantly and will work through to the ones youll make the maximum money on as we proceed through the listing so make sure you stick around to grab those last couple of check passive income plans.