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There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income from the same clients or the sales of a product to new customers. It could require no personal involvement in any respect, like an e-book offered on a website, or it can need some personal interaction, like 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 coach or consultant on a monthly retainer, or a secretary who delivers lunch every 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 ability. .
This frees the work of other people 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 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate 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 may or may not 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:
Although these require your direct participation, your earning potential is much greater than when someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, and staffing prices and still have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income flow there's.
During this period the one thing I wanted more than anything else, was a large fat epic list of all of the potential passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the last week getting loaded on strong Ethiopian espresso and compiling every visit here different income flow 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 preferred 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 ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income streams simply come out of assets, and assets are either bought with money (eg rental property) or in the case of almost all of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you understand it can be even simpler site web to earn money this way than using an ebook. After all, you merely need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a check that site. Continue reading .
If you told me several years back 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 because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .