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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 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 guide, then youre probably curious about 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 business. Yes, the property needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net cost of every publication soldin perpetuity.
In each these cases, your one-time investment consistently provides you with an income at the same time you sit back and collect on it. What could be better than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, that includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (obviously, only after theyve gained a following and promoted the hell out of these )!
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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Of course, the selling of manufactured products or merchandise is an age-old source of income, but can it be 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 purchases are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting this article loyal clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get a percentage of the selling when someone clicks from your site to purchase it. If your website gets a lot of traffic, you can earn a penny out of affiliate links!
This is exactly 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 occupation would be, no matter how hard you work, no matter how fantastic you are in your job, no matter how much extra time you log, then there will always be a limit to your incomethats why the word salary cap 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 make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take 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 put this up. That means consistent cash flow each month if youre working or not.
Thats the only real way to financial freedom. Passive income is the only way you will ever be free of worrying about money and the only way that you will ever achieve financial independence.
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Im going to share my seven popular passive income resources, income flows I use to make money each month. look what i found Now Im not going to sugar coat this, some of them 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 ideas, the ones which you can start making money on instantly and will work through into the ones youll create the most money on as we proceed through the list so be sure to stick around to catch those last few passive income plans.