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There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income from the same customers or the sales 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 can require 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 that might still need your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of other 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 that assembles a downline and receives commissions on the sales made 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 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 earn more money by having more people involved. This generally involves a one-time event, such as:
Though these require your immediate participation, your earning potential is much greater than if someone was paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the smart notions like an online path to the dress-me-in-the-white-jacket ideas 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 big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even until this day made an entire list. 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 favorite passive income ideas here or you can check out 30 of my beloved real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg write 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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As you can see passive income streams simply come out of assets, and assets are either bought with money (eg rental property) or even in the event of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you realize it can be even simpler to earn money in this way than with an ebook. After all, you merely need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or societal websites. 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 ago that this would end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white coats to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .