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There are many different ways to generate residual income over a wide variety of businesses. It might be recurring income from the same customers or the sales of a product to new customers. It may require 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 about their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. By way of example, a mentor 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 from recurring work which restricts on your earning ability based on your own personal production capacity. .
This frees the work of different folks 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 who promote the product.A network marketer who builds 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labour, rather than primarily 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 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 when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 have a peek at these guys individuals paying $50 each and you can cover your facility cost, 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 pretty much every passive income flow there is.
During this period the one thing I wanted more than anything else, was a big fat epic record 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. 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 to the chase you can get access to 3 of my favorite passive income ideas right here or you can check out 30 of my favorite real-life passive income businesses here.
Ie first you need to additional resources haul ass and do something crazy, 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 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 resources are bought with money (eg rental property) or even in the event of almost all of the ideas below, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even easier to earn money in this way than using an ebook. In the end, you simply 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 very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years back 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 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. .