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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 sort 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 probably 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive 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 writing a book. Generally, they have paid a percentage of the retail or net price of each publication soldin perpetuity.
In each of 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 courses. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals buy 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 themselves)!
In the electronic era, 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 products or merchandise is an age-old source of income, but is it passive income it might 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 customers purchases are another source of passive income. Like any other type of passive income, should you invest up-front (by recruiting faithful customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you get a percentage of the 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!
This 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 a corporate occupation would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much additional time you log, then there will always be a limit to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin 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 a number of them take a good deal of work.
Passive income is money you make from a solution or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow every month whether youre working or not.
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Im going to discuss my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands a month you can count on.
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Im going to begin with the simple passive income ideas, the ones you can start making money on immediately and will work through into the ones youll make the most money on as we go through the listing so make sure to stick around to grab those last few passive income discover this info here plans.