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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 work to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre likely curious about 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 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 writing a novel. Generally, they get paid a percentage of their retail or net price of each publication soldin perpetuity.
In each these circumstances, 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, that includes products like 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 entry to the specialists 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 electronic age, 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 can it be passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their customers buys are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you get a percentage of their selling 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!
That is what dreams are made of. 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 your corporate job would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, then there'll always be a limit to your incomethats why the word 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 require a lot of work.
Passive income is money you earn from a solution or an investment in which you dont have to do any more work once you put it 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 you will be free from worrying about money and the only way that you will ever reach financial independence.
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Im going to share see this site my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these are going to take work but may 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 start making money on instantly and will operate through to the ones youll make the maximum money on as we go through the list so be sure you stick around to grab those last couple of passive income plans.