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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 called disposable income, residual income isnt really a type 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 receive 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 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 price of every book soldin perpetuity.
In all of these cases, your one-time investment consistently offers you an income while 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 such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has 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 electronic 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 is it passive income It could be, depending on the business model. Two of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting loyal clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you receive a percentage of the sale when someone clicks from your site to buy it. If your site gets lots of traffic, 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 a corporate occupation is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much extra time you log, there'll always be a limit to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven browse around these guys figures Then begin 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 a number of them take a good deal of work.
Passive income is money you make from a product or an investment in which you dont have to do any more work once you set this up. That means consistent cash flow every month whether youre working or not.
Thats the only real way to financial freedom. Passive income is the only way that you will be free from worrying about money and the only way you could ever achieve financial independence.
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Im going to share my seven favorite passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can start making money on immediately and will work through to the ones youll create the maximum money on as we proceed through the list so make sure to stick around to catch those last couple of passive income plans.