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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 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 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 house needs to be maintained, however, the earnings still stream in each 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 book soldin perpetuity.
In each these cases, your one-time investment consistently offers you 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, that includes products such as 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 entry to the experts knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of themselves)!
In the electronic 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 merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become product distributors 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 faithful clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of their sale when someone clicks from your site to buy it. If your site gets a lot of traffic, then you could earn a pretty penny out of 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 a corporate occupation would be, i loved this no matter how hard you work, no matter how fantastic you're in your work, no matter how much extra time you log, then there'll always be a limit to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then begin 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 require a good deal of work.
Passive income is money you earn out of a solution or an investment where you dont have to do any more work once you put it up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven favorite 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 may mean thousands a month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can begin making money on immediately and will work through to the ones youll create the maximum money on as we go through the list so make sure you stick around to catch those last few passive income plans.