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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 called 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 probably interested in 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 stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a real estate 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 the retail or net price of each publication soldin perpetuity.
In all 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 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 buy the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has already 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 digital 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 products is an age-old source of income, but is it passive income it might be, depending on the business model. Two of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients 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 benefits can be enormous!
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 website gets a lot of traffic, then you can earn a penny out of affiliate links!
That is what dreams 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 original site to roll in.
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The thing about earning money from a corporate job is, no matter how hard you work, no matter how fantastic you are at your job, no matter how much additional time you log, then there'll always be a limit to your incomethats why the term salary cap exists.
Unlike your company salary, passive income more information has no limits. Want to earn 7 figures Then start 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 lot of work.
Passive income is money you earn from a product or an investment where you dont have to do any more work once you set it up. That means consistent cash flow every 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 from worrying about money and the only way that you will ever reach financial independence.
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Im going to share my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can start making money on immediately and will operate through into the ones youll create the this page maximum money on as we proceed through the listing so be sure to stick around to catch those last few passive income strategies.