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There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also known as 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 likely curious about passive incomeand how 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 property propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net price of every book 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 better than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, which includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (of course, only after 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 is it passive income it might be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you receive 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 penny from affiliate links!
This is exactly what dreams are made from. 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 occupation is, no matter how hard you work, no matter how fantastic you are at your job, no matter how much extra time you log, there'll always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive this hyperlink 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 look at more info making passive income. I make money on seven different income sources but a number of them require a good deal of work.
Passive income is money you earn from a product or an investment in which you dont need to do any more work after you set this up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven popular passive income sources, 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 begin with the simple passive income ideas, the ones which you can start making money on instantly and will work through to the ones youll create the most money on as we go through the list so be sure you stick around to catch those last few passive income strategies.