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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 guide, 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 get 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 property propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of each publication soldin perpetuity.
In each of these circumstances, your one-time investment consistently provides you with 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, that includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, all they need to do is watch the money roll in (of course, only after theyve gained a following and promoted the hell out of themselves)!
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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Obviously, the selling of manufactured goods 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 through merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their clients their website buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting loyal 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 receive a percentage of their sale when someone clicks from your site to purchase it. If your site gets lots of traffic, you can earn a pretty penny out of affiliate links!
That is exactly 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 would be, no matter how hard you work, no matter how fantastic you are at your job, no matter how much extra time you log, then there will always be a limit to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limits. Want to i thought about this 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 make out of a product or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month whether youre working or not.
Thats the only true way to financial freedom. Passive income is the only way that you will ever be free of worrying about money and the only way you could ever achieve financial independence.
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Im going to discuss my seven favorite passive income sources, income flows 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 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 operate through to the ones youll create the maximum money on as we proceed through the list so make sure you stick around to catch those last few passive income strategies.