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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 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 the way 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 property needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net cost of every book soldin perpetuity.
In each 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, which includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain entry 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 electronic 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 might be, depending on the business model. Two 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 clients purchases are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting loyal clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage of their sale when someone clicks from your site to purchase it. If your website gets a lot of traffic, you can earn a pretty penny from affiliate links!
This is what dreams are made of. 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 job would be, no matter how hard you work, no matter how fantastic you're other in your work, no matter how much extra time you log, there'll always be a limitation to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin investing!
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You can work your butt off to make 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 out of a product or an investment where you dont need to do any more work once you set this up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven popular passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands a month you can count on.
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Im going to start with the simple passive income thoughts, the ones which you can start making money on immediately and will work through into the ones youll create the maximum money on as we proceed through the listing so be sure you stick around to catch those last few passive income strategies.