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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 article, 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or business. Yes, the property needs to be maintained, but the earnings still stream in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net price of every publication soldin perpetuity.
In all 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, which includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (of course, 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 products is big business. Why not tap into it
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Obviously, the selling of manufactured goods or products 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 merchandise sales are:
Item Distribution: Companies that enable individuals to become product vendors and earn a return on their customers purchases are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you market a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to buy it. If your site gets a lot of traffic, you can earn a penny from affiliate links!
This is 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 job is, no matter how hard you work, no matter how fantastic you are in your work, no matter how much extra time you log, there'll always be a limit to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. 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 a number of them require a lot of work.
Passive income is money you make from a product or an investment where you dont have to do any more work after you set it up. That means consistent cash flow every month whether youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to make money every month. Now Im not going to sugar coat this, some 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 simple passive income thoughts, the ones which you can start making money on immediately and will work through to the ones youll make the maximum money on as we go through the list so be sure to stick around to catch those last couple of passive income strategies.