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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 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 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 every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net cost of each 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 form of passive income is click-to-purchase content, that includes products such as 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 entry to the experts knowledge.
Since the entrepreneur has already prepared the content, all they 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 era, 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 products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: this link As an affiliate, you promote a companys products or services on your website, and you receive a percentage of the selling when someone clicks from your site to buy it. If your website gets a lot of traffic, then you could earn a 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 are in your work, no matter my blog how much extra time you log, then there will always be a limitation to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn 7 figures Then start 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 take a lot of work.
Passive income is money you make from a product or an investment in which you dont need to do any more work once you put it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income resources, income flows I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can start making money on instantly and will operate through to the ones youll create the maximum money on as we go through the list so be sure you stick around to grab those last couple of passive income strategies.