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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 guide, 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 property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In all 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 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 like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access 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 once theyve gained a following and marketed the hell out of themselves)!
In the electronic 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 products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers purchases are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of the sale when someone clicks from your site to buy it. If your website gets a lot of traffic, you could earn a penny out of affiliate links!
That is what dreams are made of. Youre making money even when you here are the findings 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 work, no matter how fantastic you're in your job, no matter how much additional time you log, then there will always be a limit to your incomethats why the word salary cap 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 earn 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 need 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 flows I use to create money every month. Now Im not going to sugar coat this, some of them 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 thoughts, the ones you can begin making money on instantly and will work through into the ones youll create the most money on as we go through the list so be sure you stick around to catch those last couple of passive income plans.