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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 actually 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 likely 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 shares you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a real estate propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of each book 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 greater 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 by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists 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 promoted 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 is it passive income It could be, depending on the business model. Some of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients buys are another source of passive income. As with any other type of passive next page income, should you invest up-front (by recruiting loyal customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you receive a percentage of their selling when someone clicks from your site to purchase it. If your website gets lots of traffic, you could earn a penny from affiliate links!
That 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 occupation would be, no matter how hard you work, no matter how fantastic you're at your work, no matter how much extra time you log, then there'll always be a limitation to your incomethats why the word salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven 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 earn out of a solution or an investment in which you dont have to do any more work after you set this up. That means consistent cash flow every month whether youre working or not.
Thats the only true way to financial freedom. Passive income is the only way you will ever be free from worrying about money and the only way that you could ever achieve financial independence.
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Im going to share my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, some 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 easy passive income thoughts, the ones you can begin making money on immediately and will work through into the ones youll make the most money on as we proceed through the list so make sure you stick around to catch those last couple of passive income plans.