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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 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 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 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 property needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net price of each book 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 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 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 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 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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Of course, the selling of manufactured products or products 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 product sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases are another source of passive income. As with 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 products or services on your website, and you receive a percentage of their selling when someone clicks from your site to buy it. If your site gets a lot of traffic, then you can earn a pretty penny from affiliate links!
This is what dreams are made from. 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 click here for more info 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 in your job, no matter how much extra time you log, then there will always be a limitation to your incomethats the word salary limit exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then begin investing!
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You can work your butt 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 earn out of a solution or an investment where you dont have to do any more work after you set it 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 that you will be free of worrying see this site about money and the only way that you will ever achieve financial independence.
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Im going to discuss my seven popular passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, a few 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 easy passive income ideas, the ones which you can begin making money on immediately 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 catch those last few passive income strategies.