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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 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 the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive 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 property propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of the retail or net cost of every book soldin perpetuity.
In each of these circumstances, your one-time investment consistently offers you 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 through these pre-prepared online productsindividuals buy the e-book or online training to gain access 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 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 products is big business. Why not tap into it
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Of course, the selling of manufactured products or merchandise 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 merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases 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 rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage of the selling when someone clicks from your site to buy it. If your site gets a lot of traffic, then you can earn a pretty 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 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 job is, no matter how hard you work, no matter how fantastic you're in your work, no matter how much extra time you log, there'll always be a limitation to your incomethats the word salary limit 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 make money but youll never get anywhere until you start making passive income. I find make money on seven different income sources but some of them require a lot of work.
Passive income is money you make out of a solution or an investment where you dont need to do any more work after you set this up. That means consistent cash flow every month if youre working or not.
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Im going to discuss my seven favorite passive income resources, income streams I use to create money every month. Now Im not going to sugar coat this, a few of them are going to take work but will 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 begin making money on immediately and will operate through to the ones youll make the most money on as we go through the listing so be sure to stick around to catch those last few passive income plans.