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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 probably 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 shares 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 property needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net cost of every publication soldin perpetuity.
In each these circumstances, your one-time investment consistently provides you with an income at the same time you sit back and collect on it. What could be better than that!
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In the entrepreneurial world, another popular form of passive income is click-to-purchase content, which includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals buy 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 once 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 products or products is an age-old source of income, but can it be passive income It could be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients purchases are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get 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 penny out of affiliate links!
That is 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 occupation is, no matter how hard you work, no matter how fantastic you are in your work, no matter how much extra time you log, there will 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 start investing!
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You can work your ass 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 take a lot of work.
Passive income is money you earn from a product or an investment in which you dont need to do any more work once you put 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 resources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these 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 you can start making money on instantly and will work through to the ones youll create the most money on as we go through the listing so be sure you stick around to grab those last few passive income strategies.