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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 called 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 probably interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get 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 property propertyresidential or commercial. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of every book soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you 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 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 specialists knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, only after theyve gained a following and marketed the hell out of these )!
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 products or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some 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 purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal clients ), 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 sale when someone clicks from your site to buy it. If your website gets a lot of traffic, then you can earn a pretty penny out of affiliate links!
This 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 a corporate job is, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, then there'll always be a limit to your incomethats the term salary cap 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 ass 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 require a good deal of work.
Passive income is money you earn from a solution or an investment where you dont need to do any more work after you set this 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 create money every 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 start with the simple passive income ideas, the ones you can begin making money on immediately and will work through to the ones youll make the most money on as we proceed through the listing so be sure to stick around to go to my site catch those last few passive income plans.