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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 perform 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 shares 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 commercial. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of their retail or net price of each book soldin perpetuity.
In each of these cases, 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 courses. Essentially, the entrepreneur sells his/her 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 already prepared the content, they all need to do is watch the money roll in (obviously, only once theyve gained a following and promoted the hell out of themselves)!
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 is it passive income it might be, depending on the business model. Some of the most common sources of passive income via product sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. As with any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of their selling when someone clicks from your site to buy it. If your site gets lots of traffic, then you can earn a pretty penny from 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 job is, no matter how hard you work, no matter how fantastic you're in your job, no matter how much extra time you log, then there will always be a limitation to your incomethats why the word salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn 7 figures Then start investing!
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You 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 require 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 once you put it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but will 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 into the ones youll make the maximum money on as we go through the list so be sure to look at this website stick around to catch those last couple of passive income plans.