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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 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 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 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 real estate propertyresidential or business. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In each of 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 form of passive income is click-to-purchase content, which includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the experts 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 promoted the hell out of these )!
In the digital era, 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 merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through product sales are:
Item Distribution: Companies that enable individuals to become product 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 faithful customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys goods or services on your website, and you receive a percentage of the selling when someone clicks from your site to buy it. If your site gets lots of traffic, then you can earn a penny out of affiliate links!
This 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 is, no matter how hard you work, no matter how fantastic you are at your work, no matter how much extra time you log, then there will always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You can work your ass off to make 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 take 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 after you set this up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven favorite passive income resources, income flows I use to make 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 website here easy passive income ideas, the ones which you can begin making money on immediately and will work through into the ones youll make the most money on as we go through the listing so be sure you stick around to grab those last couple of passive income strategies.