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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 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 likely interested in 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 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 business. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of every publication soldin perpetuity.
In each 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 buy the e-book or online training to gain access to the specialists 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 themselves)!
In the digital 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 goods or products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income through product sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your site, and you receive a percentage of the selling when someone clicks from your site to buy it. If your website gets a lot of traffic, you can earn a blog here pretty penny out of affiliate links!
That is what dreams are made of. Youre making money even when you arent this link 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 your corporate occupation would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much extra time you log, then there'll always be a limit to your incomethats why the word salary limit 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 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 take a good deal 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 if youre working or not.
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Im going to share my seven popular passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands anonymous a month you can count on.
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Im going to begin with the simple passive income thoughts, the ones which you can begin making money on immediately and will operate through into the ones youll create the maximum money on as we go through the listing so be sure to stick around to grab those last few passive income plans.