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There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income by the very 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 sold on a website, or it can need some personal interaction, like 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 the income. For 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 from recurring work which restricts on your earning capacity based on your own personal production ability. .
This leverages the work of other people 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 made 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 supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you are 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 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:
Though these require your immediate participation, your earning potential is much greater than if someone was paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional price, and staffing fees 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 notions like writing articles for adsense, Ive thought about pretty much every passive income stream there's.
During this time the one thing I wanted more than anything else, was a big fat epic record of all of more info here the possible passive income flows there were.
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Unfortunately no one has even till this day made a complete list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow from my mind, 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 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 crazy, eg compose 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 every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income flows simply come out of assets, and resources are either bought with money (eg rental property) or in the event of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to make money this way than using an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of 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 might 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 goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .