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There are many different ways to generate residual income over a huge array of businesses. It might be recurring income from the very same clients or the earnings of a product to new customers. It may require no personal involvement in any respect, such as an e-book sold on a website, or it may need some personal interaction, like the insurance agent calling the customer 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 every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This frees the work of different people to create income for you. Some 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 that assembles a downline and receives commissions on the sales made 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 off of 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 make more money by having more people involved. This generally involves a one-time event, such as:
Although these need your immediate participation, your earning potential is much higher than when someone was 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 have a nice chunk of change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even till this day 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 net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income ideas 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 mad, eg write a quality 20,000 word ebook (insanely not passive hahahah), but then you have to reference sit back and enjoy seeing PayPal sale messages pop up on your iPhone each why not look here morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income flows simply come from assets, and resources are bought with money (eg rental property) or in the event of most of the ideas under, purchased through sweat (eg ebook)!
The much adored version for bloggers and content creators everywhere and for a fantastic reasonits pretty simple to write a 60-80 page ebook, not difficult to market say $500 value a month through online networking, guest posting and your own SEO optimized site, and well you get to keep a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you understand it can be even simpler to make 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 traffic in, often via Google or societal websites. Unsurprisingly, most people can enjoy their 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 the men in white jackets to take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .