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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 called disposable income, residual income isnt actually 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 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 stocks 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 commercial. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net price of each book soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you an income at the same time 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 like 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 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 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 goods or merchandise is an age-old source of income, but is it passive income it might 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 merchandise vendors and earn a return on their customers purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of the sale when someone clicks from your site to purchase it. If your website gets lots of traffic, you can earn a 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 this article earning money from a corporate occupation would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, then there will always be a limitation to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin 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 some of them take a good deal of work.
Passive income is money you earn from a product or an investment where you dont need to do any more work once you put 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 resources, income streams I use to make money each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
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Im going to start with the simple passive income ideas, the ones you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the listing so make sure you stick around to grab those last couple of passive income strategies.