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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 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 house needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of the retail or net cost of each publication soldin perpetuity.
In each of these cases, your one-time investment consistently provides you with an income while you sit back and collect on it. What could be greater than that!
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In the entrepreneurial world, another popular type 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 their expertise by means of 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 after theyve gained a following and marketed the hell out of these )!
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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Of course, 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. Some 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. As with any other type of passive income, should you invest up-front (by recruiting loyal customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your website, and you receive a percentage of the selling when someone clicks from image source your site to buy it. If your website gets lots of traffic, then you can earn a pretty penny out of affiliate links!
This is exactly what dreams click are made of. 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 is, no matter how hard you work, no matter how fantastic you are in your work, no matter how much extra time you log, then there will always be a limitation to your incomethats why the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start 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 good deal of work.
Passive income is money you make from a product or check it out an investment where you dont need to do any more work once you set it up. That means consistent cash flow every month if youre working or not.
Thats the only real way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way that you could ever reach financial independence.
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Im going to share my seven favorite passive income resources, income streams I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can start making money on immediately and will operate through to the ones youll create the most money on as we go through the list so make sure to stick around to grab those last couple of passive income strategies.