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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 article, 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 get from a real estate propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of the retail or net price of each book soldin perpetuity.
In all these circumstances, your one-time investment consistently offers you 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 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 his/her expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has 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 these )!
In the electronic age, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Of course, the selling of manufactured products or merchandise 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 via product sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you get a percentage of their sale when someone clicks from your site to purchase it. If your website gets lots of traffic, you could earn a pretty penny from affiliate links!
That 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 would be, no matter how hard you work, no matter how fantastic you're in your work, no matter how much additional time you log, then there'll always be a limit to your incomethats why the term salary limit 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 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 require a lot of work.
Passive income is money you earn from a solution or an investment in which you dont have to do any more work after you set it up. That means consistent cash flow every month if youre working or not.
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Im Bonuses going to discuss my seven popular passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands a month you can count on.
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Im going to start with the simple passive income ideas, the ones which you can begin making money on immediately and will work through to the ones youll make the maximum money on as we proceed through the listing so be sure you stick around to catch those last couple of passive income plans.