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There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income by the very same customers or the sales of a product to new clients. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it may require some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income which may still require your involvement to earn your income. By way of 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 from recurring work that restricts on your earning capacity based on your own personal production ability. .
This frees the work of different folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates that promote the product.A network marketer that 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 work done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models 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 also be residual income. When you combine them, that's even better.
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This sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these need your immediate participation, your earning potential is much higher than if someone was just paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing prices and have a nice chunk of change left over. .
In the smart notions like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income stream there's.
During this period the one thing click to find out more I wanted more than anything else, was a big fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even until this day made a complete list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my mind, my notes and the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite 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 crazy, eg write 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 available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can observe passive income streams simply come from assets, and assets are either bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you understand it can be even easier to make money in this way than using an ebook. In the end, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years get redirected here back that this would end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .