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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 guide, then youre likely 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 business. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net price of every publication soldin perpetuity.
In all these circumstances, 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 like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals buy the e-book or online training to gain access 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 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 products or merchandise 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 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. As with any other sort of passive top article income, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you receive a percentage of their sale when someone clicks from your site to buy it. If your site gets lots of traffic, then you can earn a pretty penny out of affiliate links!
This is exactly what dreams are made from. 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 occupation would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much extra time you log, there'll always be a limitation to your incomethats the term 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 earn 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 lot of work.
Passive income is money you make out of a product or an investment in which you dont need to do any more work after you put this up. That means consistent cash helpful resources flow each month whether youre working or not.
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Im going to discuss my seven popular passive income resources, you can find out more income flows 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 per month you can count on.
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Im going to start with the easy passive income thoughts, the ones you can begin making money on instantly and will work through to the ones youll make the maximum money on as we go through the list so be sure to stick around to catch those last couple of passive income strategies.