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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 called disposable income, residual income isnt really 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 probably curious about passive incomeand the way 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 real estate propertyresidential or business. Yes, the house needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net price of each publication soldin perpetuity.
In each 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 courses. 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 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 era, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Of course, 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 via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers buys 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 huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of their selling when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a penny from affiliate links!
This 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 in your work, no matter how much extra time you log, then there will always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin 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 informative post of them take a good deal of work.
Passive income is money you earn out of a solution or an investment where you dont have to do any more work once you set this 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, some of them are going to take work but will mean thousands per month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can begin making money on immediately and will operate through to the ones youll make the maximum money on as we go through the listing so be sure you go to my site stick around to catch those last few passive income strategies.