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There are many different ways to generate residual income across a huge array of businesses. It might be recurring income from the same customers or the earnings 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 can require some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes from recurring work which restricts on your earning ability based on your own personal production capacity. .
This leverages the work of different 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 that promote the product.A network marketer who assembles a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the work 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 labour, rather than mainly your own. Note that leveraged income may or may not also 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 make more money by having more people involved. This generally involves a one-time event, for example:
Though these require your immediate participation, your earning potential is much greater than when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the last week getting loaded 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 out 30 of my beloved real life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose a try this 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 iPhone each morning as sale after sale after Discover More sale is madeon an ongoing basis and without any additional work.
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Because you can observe passive income streams simply come out of assets, and assets are bought with money (eg rental property) or even in the event of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you realize it can be even easier to earn money in this way than with an ebook. After all, you merely 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 several years ago that this might end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white jackets to come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .