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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 really 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 interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive 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 property propertyresidential or business. Yes, the property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In all of these cases, your one-time investment consistently provides you with 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 form 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 through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has already 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 digital age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Of course, 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 via product sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you receive a percentage of their selling when someone clicks from your site to buy it. If your website gets lots of traffic, you can earn a pretty penny from affiliate links!
That is 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 job would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much extra time you log, there will always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start 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 some of them take a good deal of work.
Passive income is money you make out of 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 if 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 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 begin with the easy passive income ideas, the ones you can start making money that site on immediately and will work through into the ones youll make the maximum money on as we go through the listing so be sure to stick around to grab those last couple of passive income strategies.