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There are many different ways to generate residual income across a wide array of businesses. It might be recurring income by the very same clients or the earnings of a product to new clients. It may require no personal involvement in any respect, like an e-book offered on a website, or it can need 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 which may still need your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work that restricts on your earning capacity based on your own personal production ability. .
This leverages the work of different people to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who 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 into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labor, rather than primarily your own. Note that leveraged income might or might 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 earn more money by having more people involved. This generally involves a one-time event, for example:
Although these need your direct participation, your earning potential is much greater than Read Full Report when someone was just paying you an immediate hourly fee. Fill a room with 1,000 people article source paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about nearly every passive income flow there is.
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 day made a complete 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 net 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 favorite real life passive income businesses here.
Ie first you need to haul ass and do something crazy, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income flows simply come from resources, and assets are either bought with money (eg rental property) or even in the event of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you understand it can be even easier to earn money this way than with an ebook. In the end, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of 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 would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to come take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .