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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It may require no personal involvement in any respect, such as an e-book sold on a website, or it can need some personal interaction, like 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 your income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work that limits on your earning ability based on your own personal production ability. .
This leverages the work of other people to create income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates 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 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 labour, rather than mainly your own. Note that leveraged income may or may not also 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 when someone was paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .
From the smart notions like an online path to the dress-me-in-the-white-jacket notions like writing posts 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 potential passive income flows there were.
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Unfortunately no one has even till this day made a complete list. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 favorite real life passive income businesses here.
Ie first you need to haul ass and do something mad, eg click over here write 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 own 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 see passive income streams simply come from assets, and resources are either bought with money (eg rental property) or even in the case of most of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like 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. After all, you simply need to concentrate on pumping out some content for your own site and getting the traffic 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 a few years ago that this would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white jackets to come take you away! And thats because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .