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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 known as disposable income, residual income isnt really 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 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 get from a real estate propertyresidential or business. Yes, the property needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In each 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 greater than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, that includes products like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and marketed the hell out of themselves)!
In the digital age, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured goods or products 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 via product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting loyal customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to purchase it. If your site gets a lot of traffic, then you could earn a penny from affiliate links!
This is what dreams are made from. Youre making money even when you arent doing anything. This means directory 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 job would be, no matter how hard you work, no matter how fantastic you're in your work, no matter how much extra time you log, then More about the author there'll always be a limit to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start 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 out of a solution or an investment in which you dont have to do any more work once you set it up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
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Im going to begin with the simple passive income ideas, the ones you can begin making money on immediately and will work through into the ones youll make the most money on as we go through the listing so make sure you stick around to grab those last few passive income strategies.