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There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also known as disposable income, residual income isnt really a type of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 stocks 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 stream in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net cost of each publication soldin perpetuity.
In each of these cases, your one-time investment consistently offers you an income at the same time 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 by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (of course, only after theyve gained a following and promoted the hell out of themselves)!
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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Of course, the selling of manufactured goods or products is an age-old source of income, but is it passive income it might be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases are another source of passive income. Like any other type 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 market a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to purchase it. If your site gets a lot of traffic, you could earn a pretty penny from affiliate links!
That 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 your corporate job is, no matter how hard you work, no matter how fantastic you are at your work, no matter how much additional time you log, there will check out here always be directory a limitation to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limitations. 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 take a good deal of work.
Passive income is money you make out of a solution or an investment where you dont need to do any more work once you put it up. That means consistent cash flow each month whether youre working or not.
Thats the only real way to financial freedom. Passive income is the only way that you will be free from worrying about money and the only way you could ever achieve financial independence.
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Im going to share my seven popular passive income resources, income flows I use to create money each month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which 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 be sure to stick around to catch those last few passive income strategies.