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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 very same clients or the earnings of a product to new customers. It could require no personal involvement whatsoever, such as an e-book offered 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 which may still require your involvement to earn the income. For 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 which limits on your earning ability based on your own personal production ability. .
This leverages the work of different folks to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates 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're 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's 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:
Although these require your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much every passive income flow there's.
During this period the one thing I wanted Learn More more than anything else, was a big fat epic list of all of the possible passive income streams there were.
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Unfortunately no one has even till this day made an entire list. So I spent the last week getting wealthy on her latest blog strong Ethiopian espresso and compiling every different income flow 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 preferred 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 quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can observe passive income streams simply come from resources, and assets are bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you realize it can be even easier to earn money this way than using an ebook. After all, you simply need a fantastic read to concentrate on pumping some content for your own site and getting the traffic 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 would end up being my #1 source of passive income, I would have slapped you silly and called up the men in white jackets to come take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .