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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 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 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 business. Yes, the house needs to be maintained, however, the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of their retail or net price of each book soldin perpetuity.
In all 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 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 their 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, all they need to do is watch the money roll in (of course, only after theyve gained a following and promoted the hell out of themselves)!
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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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 via merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients 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 rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of their selling when someone clicks from your site to buy it. If your site gets a lot of traffic, read this you can earn a pretty penny out of affiliate links!
That is 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 would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much extra time you log, then there'll always be a limitation to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 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 some of them take a lot of work.
Passive income is money you earn from a solution or an investment in which you dont have 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 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 start with the simple passive income ideas, the ones which you can start making money on instantly and will operate through into the ones youll create the most money on as we proceed through the list so be sure you stick around to catch those last couple of passive income plans.