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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 really 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 receive 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 property propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a novel. Generally, they get paid a percentage of their retail or net price of every book soldin perpetuity.
In all of 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 type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online classes. 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 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 merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured goods or products 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 via product sales are:
Product 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 sort of passive income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you receive a percentage of their 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 what dreams are made from. 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 job, no matter how much extra time you log, there'll always be a limit to your incomethats the term salary cap exists.
Unlike your content company salary, passive income has no limits. 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 making passive income. I make money on seven different income sources but some of them take a good deal 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 each month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to make money each month. Now Im not going more to sugar coat this, a few of them 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 ideas, the ones which you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the list so make sure you stick around to catch those last couple of passive income strategies.