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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 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 probably 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 real estate propertyresidential or commercial. Yes, the house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of their retail or net cost of every publication soldin perpetuity.
In all these cases, 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 form of passive income is click-to-purchase content, that includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, they all 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 digital 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 products 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 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, should you invest up-front (by recruiting loyal clients ), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of the sale when someone clicks from your site to purchase it. If your website gets lots of traffic, then you can earn a pretty penny from affiliate links!
This 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 a corporate job is, no matter how hard you work, no matter how fantastic you are in your job, no matter how much additional time you log, then there'll always be a limitation to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start 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 lot of work.
Passive income is money you make from a solution or an investment in which you dont need to do any more work after you put it up. That means consistent cash flow each month if 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, some of these are going to take work but may mean thousands a month you can count on.
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Im going to begin with check that the simple passive income ideas, the ones you can start making money on immediately and will work through to the ones youll make the most money on as we go through the listing so be sure you stick around to catch those last few passive income strategies.