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There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income by the same customers or the sales of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book sold on a web site, or it may need some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. For example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring work which restricts on your earning ability based on your own personal production capacity. .
This leverages the work of other people to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates who promote the product.A network marketer who builds a downline and receives commissions on the sales made by people in his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than mainly your own. Note that leveraged income may or may not be residual income. When you combine them, that is even better.
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This type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these require your immediate participation, your earning potential is much greater than if someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about pretty much every passive income stream there is.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the potential passive income streams there were.
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Unfortunately no one has even until this afternoon made a complete list. I spent the past click here to find out more week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my head, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income thoughts right here or you can check directory out 30 of my favorite real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone each morning available after sale after sale is madeon an pop over to these guys ongoing basis and without any additional effort.
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As you can observe passive income flows simply come from assets, and assets are either bought with money (eg rental property) or even in the case of most of the ideas under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you realize it can be even easier to make money in this way than with an ebook. After all, you simply need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few years back that this might end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats to take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .