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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 perform to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably 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 commercial. Yes, the property 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 cost of every publication soldin perpetuity.
In all these cases, your one-time investment consistently provides you with an income while you sit back and collect on it. What could be greater 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 classes. 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 already prepared the content, they all 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 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 might be, depending on the business model. Some of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers purchases are another source of passive income. Like any other type 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 their sale when someone clicks from your site to buy it. If your site gets lots of traffic, you could earn a pretty 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 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much additional time you log, there will always be a limitation to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then begin 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 require a lot of work.
Passive income is money you earn out of a solution or an investment in which you dont have to do any more work once you set this up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to create money every month. Now Im not going to sugar coat this, some 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 which you can start making money on immediately and will operate through to the ones youll create the maximum money on as we proceed through the list so make sure you stick around to catch those last couple of passive income plans.