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There are many different ways to generate residual income across a huge array of businesses. It might be recurring income from the very same customers or the earnings of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a website, or it may 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 which may still need your involvement to earn your income. For example, a coach 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 which restricts on your earning ability based on your own personal production capacity. .
This leverages the work of different folks to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates who promote the product.A network marketer who 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 ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labor, rather than primarily your own. Note that leveraged income may or may not 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 make more money by having more people involved. This generally involves a one-time event, such as:
Although these need your direct participation, your earning potential is a lot greater than if 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. .
In the smart 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 flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the past week getting wealthy 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 beloved real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose 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 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 from assets, and assets are bought with money (eg rental property) or even in the event of almost all of the ideas under, purchased through sweat next (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even simpler to make money in this way than using an ebook. In the end, you merely need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years back that this might end up being my #1 source of passive income, I visit this web-site 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. .