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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 probably interested in 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or business. Yes, the property needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net cost 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 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 such as 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 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 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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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 product sales are:
Product Distribution: Companies that enable individuals to become product distributors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market 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 site gets a lot of traffic, then you could earn a pretty penny from affiliate links!
That 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 your corporate job is, no matter how hard you work, no matter how fantastic you're at your job, click now no matter how much extra time you log, then there will always be a limitation to your incomethats why the term salary cap 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 a number of them take a lot of work.
Passive income is money you make 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.
Thats the only real way to financial freedom. Passive income is the only way you will ever be free of worrying about money and the only way that you will ever reach financial independence.
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Im going to share my seven favorite passive income resources, income flows I use to create money each month. Now Im not going to sugar coat this, some of these 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 easy passive income ideas, the ones you can start making money on instantly and will operate through to the ones youll make the maximum money on as we proceed through the list so be sure to stick around to catch those last few passive income strategies.