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There are many different ways to generate residual income over a huge array of businesses. It might be recurring income by the same customers or the earnings of a product to new customers. It could require no personal involvement whatsoever, such as an e-book sold on a web site, or it can need 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 need your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that limits on your earning capacity based on your own personal production ability. .
This leverages the work of different people to create income for you. A Few 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 generated 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 from other people's labor, rather than primarily 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 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, for example:
Although these require your immediate participation, your earning potential is a lot greater than when someone was just paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income stream there's.
During this period the one thing I wanted more than anything else, was a large fat epic record of ALL the potential passive income flows 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 loaded on strong Ethiopian espresso and compiling every different income stream from my head, my notes and the world wide interwebs!
PS if you want to cut Go Here to the chase you can get access to 3 of my favorite passive income thoughts 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 write navigate to this website 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 resources, and assets are either bought with money (eg rental property) or in the event of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you realize it can be even easier to earn money this way than with 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 social media. Unsurprisingly, the majority of 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 would have slapped you silly and called up the men in white coats to come 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 gets. .