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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 same clients or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to 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 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 author selling her e-book through associates that promote the product.A network marketer who 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 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 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 make more money by having more people involved. This generally involves a one-time event, for example:
Although these need your immediate participation, your earning potential is much greater than if someone have a peek at this site was just paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing prices and have a nice chunk of change left over. .
In the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there is.
During this period 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 till this afternoon made a complete list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling why not try here every different income stream 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 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 ebook (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone each 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 assets, and assets are bought with money (eg rental property) or even in the event of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you realize it can be even simpler to earn money in this way than using an ebook. In the end, you simply need to concentrate on pumping 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 first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years ago that this would 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 complex and time consuming. Pretty much as non-passive as a business receives. .