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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 type 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 curious about 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 stocks 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 house needs to be maintained, however, the earnings still stream in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of the retail or net cost of each 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 better than that!
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In the entrepreneurial world, another popular type 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 access to the experts knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (of course, 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 merchandise 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 can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get a percentage of their selling when someone clicks from your site to buy it. If your site gets lots of traffic, then you can earn a pretty penny from affiliate links!
This is exactly what dreams are made of. Youre making money even when you arent doing anything. This means that even if youre sick, traveling, or dont find out here now 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 are in your work, no matter how much additional time you log, then there will always be a limit to your incomethats why the word salary cap 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 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 it up. That means consistent cash flow each month whether youre working or not.
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Im going to share my seven favorite passive income sources, income flows 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 a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the list so make sure you stick around to grab those last couple of passive income plans.