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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 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 guide, 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a real estate propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of each book soldin perpetuity.
In all these cases, your one-time investment consistently provides you with 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 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 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 (of course, only once theyve gained a following and marketed 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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Of course, the selling of manufactured goods or products is an age-old source of income, but is it passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you get a percentage of the sale when someone clicks from your site to purchase it. If your website gets a lot of traffic, you could earn a penny out of affiliate links!
This 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, there will always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin investing!
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You useful content 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 lot of work.
Passive income is money you make from a solution or an investment where you dont have to do any more work after you set it up. That means why not check here consistent cash flow every month whether youre working or not.
Thats the only true way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you will ever achieve financial independence.
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Im going to share my seven popular passive income resources, income streams I use to create money every month. Now Im not going to sugar coat this, some of them 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 simple passive income ideas, the ones which you can start making money on instantly and will work through into the ones youll make the most money on as we proceed through the list so be sure you stick around to grab those last few passive income strategies.