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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 article, then youre probably interested in 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 real estate propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In each of these cases, 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 like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their 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, all they need to do is watch the money roll in (obviously, only once theyve gained a following and promoted the hell out of themselves)!
In the digital era, 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 merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients buys are another source of passive income. As with any other type of passive income, if 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 get a percentage of their sale when someone clicks from your site to buy it. If your site gets lots of traffic, then you can earn a pretty penny out of affiliate links!
This 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 your corporate job would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, there'll always be a limit to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn 7 figures Then Continue 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 a number of them take a good deal of work.
Passive income is money you earn out of a solution or an investment where you dont have to do any more work after you set this up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven favorite passive income resources, income streams I use to make 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 start with the easy passive income thoughts, the ones which you can start making money on instantly and will operate through to the ones youll make the most money on as we proceed through the list so be sure to stick around to catch those last couple of passive income strategies.