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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 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In all of these circumstances, your one-time investment consistently provides you with 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 form of passive income is click-to-purchase content, which includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (of course, only once theyve gained a following and marketed the hell out of these )!
In the electronic 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 might be, depending on the business model. Two of the most common sources of passive income through product 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. As with any other sort of passive income, if you invest up-front (by recruiting loyal clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of the sale when someone clicks from your site to buy it. If your website gets lots of traffic, then you could earn a penny from affiliate links!
This 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 is, no matter how hard you work, no matter how fantastic you're at your job, no matter how much extra 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 her response seven figures Then start 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 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 put this up. That means consistent cash flow each month if youre working or not.
Thats the only true way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you could ever reach financial independence.
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Im going to discuss my seven favorite passive income sources, income flows I use to create money every 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 easy passive income ideas, the ones which you can start making money on immediately and will work through to the ones youll create the maximum money on as we proceed through the listing so be sure you stick around to grab those last couple of passive income strategies.