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There are many different ways to generate residual income across a huge variety of businesses. It may be recurring income from the same clients or the sales of a product to new customers. It may necessitate no personal involvement whatsoever, like an e-book sold on a website, or it may require some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of other folks 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 that 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 are making money off of other people's labour, rather than mainly your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
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This sort of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these need your immediate participation, your earning potential is much greater than when someone was paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional price, and staffing prices and still have a nice chunk of change left over. .
From the wise ideas like an online course 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 the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 preferred passive income ideas 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 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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Because you important link can see passive income streams simply come from assets, and resources are either bought with money (eg rental property) or even in the event of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few 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 coats to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .