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There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income from the very same customers or the earnings of a product to new customers. It could necessitate no personal involvement in any respect, such as an e-book offered on a website, or it may 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. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work which restricts on your earning ability based on your own personal production ability. .
This frees the work of other people 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 who builds 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 into other entrepreneurs (the supreme 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 might or might not be residual income. When you combine them, that is even better.
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This sort of income requires your immediate 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 direct participation, your earning potential is a lot greater than if someone was just paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each description and you can cover your facility cost, promotional price, 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 pretty much every passive income stream there is.
During this time 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 an entire list. So 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 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 compose a quality 20,000 word blossom (insanely not passive hahahah), but then you have 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 work.
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Because you can observe passive income flows simply come from assets, and resources are either bought with money (eg rental property) or 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 understand it can be even easier to earn money this way than using an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the traffic in, often via Google or societal 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 would have slapped you silly and called the men in white jackets to come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .