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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 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, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of their retail or net price of every publication soldin perpetuity.
In all of 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 greater than that!
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In the entrepreneurial world, another popular form 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 by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (obviously, only after theyve gained a following and marketed the hell out of these )!
In the electronic 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 merchandise is an age-old source of income, but is it passive income it might be, depending on the business model. Some of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting faithful 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 the selling when someone clicks from your site to purchase it. If your site gets lots of traffic, you can earn a pretty penny from affiliate links!
That is what dreams are made of. Youre making money even when you arent doing anything. This means 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 occupation would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much extra time you log, there'll always be a limitation to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven 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 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 once you set it up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can begin making money on instantly and will operate through to the ones youll make the maximum money on as we go through the listing so be sure to stick around to grab those last couple of passive income plans.