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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 really a type 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 interested in passive incomeand how 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 get from a property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In all these cases, your one-time investment consistently provides you with 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 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 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 already 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 electronic 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 could be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits 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 a lot of traffic, then you could earn a pretty penny from affiliate links!
That is 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 are at your job, no matter how much additional time you log, then there will always be a limit to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven 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 a number of them take a lot of work.
Passive income is money you earn out of a solution or an investment in which you dont need to do any more work once you put this up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven popular passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, some of them 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 simple passive income ideas, the ones which additional hints you can start making money on immediately and will operate through to the ones youll make the most money on as we proceed through the list so make sure to stick around to catch those last few passive income plans.