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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income from the very same clients or the sales of a product to new customers. It could necessitate no personal involvement in any respect, such as an e-book sold on a website, or it can need some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn your income. For 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, however it comes from recurring work which limits on your earning ability based on your own personal production capacity. .
This leverages the work of other folks to make income for you. A Few 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 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 from other people's labour, rather than mainly your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
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This type 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:
Though these need your immediate participation, your earning potential is much greater than if someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
In the Discover More wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of ALL the possible 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 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 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 crazy, eg compose 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 iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come from assets, and assets are either bought with money (eg rental property) or in the case of most of the ideas under, bought through sweat (eg ebook)!
The much adored model for bloggers and content creators everywhere and to get a good reasonits pretty easy to write a 60-80 page ebook, not hard to market say $500 value a month through online networking, guest posting and your own SEO optimized site, and well you get to keep a large whack of the pie after paying affiliates. Hells yeah! Continue reading .
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you realize it can be even easier to make money in this way than using an ebook. After all, you simply need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most people can enjoy their 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 would have slapped you silly and called up the men in white coats to come take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .