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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 known as disposable income, residual income isnt really a sort of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, then youre probably 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 business. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of each 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 form of passive income is click-to-purchase content, which includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals buy 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 after theyve gained a following and marketed the hell out of these )!
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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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. Some of the most common sources of passive income through merchandise sales are:
Item Distribution: Your Domain Name Companies that enable individuals to become merchandise distributors and earn a return on their customers buys are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive a percentage of the selling when someone clicks from your site to buy it. If your site gets a lot of traffic, you could earn a 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 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 are in your job, no matter how much additional time you log, there'll always be a limitation to your incomethats why the word salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin 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 require a lot of work.
Passive income is money you make read the article out of a solution or an investment where 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.
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Im going to discuss my seven favorite passive income resources, income streams I use to create money every month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands per month you can count on.
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Im going to start with the easy passive income thoughts, the ones you can begin making money on immediately and will operate through to the ones youll create the maximum money on as we go through the listing so be sure you stick around to catch those last few passive income strategies.