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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 actually a type of income, its a calculation that accountants work 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 receive from a property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of the retail or net cost of each publication 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 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 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 already prepared the content, they all need to do is watch the money roll in (obviously, only once 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 products or products is an age-old source of income, but is it passive income It could 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 product vendors and earn a return on their clients purchases are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an view affiliate, you market a companys goods or services on your website, and you receive a percentage of their sale when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a penny out of affiliate links!
That is 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you are in your work, no matter how much additional time you log, then there'll always be a limitation to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start 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 good deal of work.
Passive income is money you earn from a solution or an investment where you dont have to do any more work once you put this up. That means consistent cash flow every 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 start with the easy passive income ideas, the ones you can begin making money on instantly and will operate through to the ones youll make the maximum money on as we proceed through the listing so make sure to stick around to catch those last couple of passive income strategies.