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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income from the very same clients or the sales of a product to new clients. It could necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it can need some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work which limits on your earning ability based on your own personal production capacity. .
This leverages the work of different people to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates 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 into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money off of other people's labor, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
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This sort of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these require your direct participation, your earning potential is much higher than if someone was just paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and still have a nice chunk of change left over. .
From the wise ideas like an online path to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income stream there is.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of the potential passive income streams there were.
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Unfortunately no one has even till this day made an entire list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred passive income thoughts here or you can check out 30 of my favorite real life passive income businesses here.
Ie first you need to haul ass and do something mad, eg write a quality 20,000 word blossom (insanely not passive hahahah), but then you have 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 ongoing basis and without any additional effort.
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Because you can see passive income streams simply come out of resources, and resources are bought with money (eg rental property) or in the event of most of the ideas under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you realize it can be even simpler to make money this way than using an ebook. After all, you simply need to concentrate on pumping some content for 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 blog. 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 up the men in white jackets to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty pop over to this site much as non-passive as a business gets. .