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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 perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, 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 receive from a real estate propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of the retail or net price of each publication 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, which includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise through 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, they all need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of themselves)!
In the digital era, 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 goods 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 through product 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. As with any other type of passive income, should you invest up-front (by recruiting loyal customers), the long-term rewards can be enormous!
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 buy it. If your website gets a lot of traffic, then you can earn a pretty penny out of 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 would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, there will always be a limit to your incomethats why the term salary limit exists.
Unlike your company salary, passive income has no limits. 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 some of them require a good deal of work.
Passive income is money you earn out of a product or an investment where you dont need to do any more work after you set it up. That means consistent cash flow each month whether youre working or not.
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Im going to discuss my seven popular passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands per month you can count on.
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Im going to begin with the easy passive income ideas, the ones you can start making money on immediately and will operate through to the ones youll create the most money on as we go through the listing so make sure you stick around to catch those last couple of passive income plans.