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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 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 guide, 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 get from a real estate propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of every book soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you 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, that includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and promoted the hell out of these )!
In the digital 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 products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their clients purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting faithful customers), the long-term rewards 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 purchase it. If your website gets lots of traffic, you can earn a penny out of affiliate links!
This 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 job is, no matter how hard you site link work, no matter how fantastic you are at 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 make from a solution 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 popular passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the list so make sure to stick around to grab those last couple of passive income plans.