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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the very same customers or the sales of a product to new clients. It may require no personal involvement in any respect, such as an e-book sold on a web site, 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 which may still require your involvement to earn your income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work which restricts on your earning ability 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 that 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 work 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 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's even better.
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This type of income requires your direct participation, but you can earn more money by having more people involved. this contact form This generally involves a one-time event, such as:
Although these need your immediate participation, your earning potential is much higher than when 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 still 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 flow there's.
During this time the one thing I wanted more than anything else, was a big fat epic record of all of the potential passive income flows there were.
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Unfortunately no one has even until this day made an entire list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 ideas 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 mad, eg write 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 iPhone every morning as sale 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 from resources, and assets are either bought with money (eg rental property) or in the case of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly in the event that you understand it can be even easier to make money this way than with an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few 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 coats to take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .