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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income by the very same customers or the sales of a product to new clients. It could require no personal involvement in any respect, such as an e-book sold on a website, or it may require some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income which may still need your involvement to earn your income. By way of example, a coach 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 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 who promote the product.A network marketer that 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 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 from other people's labour, rather than mainly your own. Note that leveraged income might or might 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 earn more money by having more people involved. This generally involves a one-time event, such as:
Although these require your direct participation, your earning potential is much greater than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing fees 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 articles for adsense, Ive thought about pretty much every passive income stream there's.
During pop over to these guys this period the one thing I wanted more than anything else, was a big fat epic record of all of the potential webpage passive income streams 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 flow 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 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 write a quality 20,000 word ebook (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income flows simply come out of assets, and assets are either bought with money (eg rental property) or in the case of most of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you understand it can be even easier to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or societal websites. 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 back 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 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. .