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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 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 receive paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net price of each book soldin perpetuity.
In each these cases, your one-time investment consistently offers you an income at the same time 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 courses. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the specialists 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 these )!
In the digital age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Obviously, 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. Two of the most common sources of passive income through product 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 loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your website gets lots of traffic, you can earn a pretty penny out of affiliate links!
That is exactly 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 your corporate job would be, no matter how hard you work, no matter how fantastic you're at your work, no matter how much extra time you log, there will always be a limitation to your incomethats why the word 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 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 some of them take 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 set this up. That means consistent cash flow each month whether 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 every month. Now Im not going to sugar click over here coat this, a few of them are going to take work but may mean thousands a 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 into the ones youll create the most money on as we go through the list so make sure you stick around to grab those why not find out more last couple of passive income plans.