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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 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 guide, then youre likely interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any shares 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 business. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of their retail or net price of every book soldin perpetuity.
In all of these cases, your one-time investment consistently provides you with an income while you sit back and collect on it. What could be better 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 classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access 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 once theyve gained a following and marketed 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 products or merchandise is an age-old source of income, but can it be 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 clients purchases are another source of passive income. Like any other sort 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 selling when someone clicks from your site to purchase it. If your site gets lots of traffic, then you can earn a pretty penny out of affiliate links!
This is exactly 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 job, no matter how much additional time you log, then there will always be a limitation to your incomethats why the term 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 published here 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 good deal of work.
Passive income is money you earn from a solution or an investment in which you dont need to do any more work once you set it up. That means consistent cash flow every 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 from worrying about money and the only way you could ever achieve financial independence.
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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 may 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 immediately and will operate through to the ones youll make the maximum money on as we go through the list so be additional hints sure you stick around to catch those last few passive income strategies.