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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 very same customers or the sales of a product to new customers. It may require no personal involvement in any respect, such as an e-book sold on a website, or it may need some personal interaction, like the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every 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 capacity. .
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 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 labour, rather than mainly 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 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:
Though these require your immediate participation, your earning potential is a lot greater than when someone was just paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the smart ideas 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 the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made a complete list. So I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow 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 right 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 crazy, 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 every morning available after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can observe passive income flows simply come out of assets, and assets are bought with money (eg rental property) or even in the event of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you understand it can be even easier to earn money in this way than click reference with an ebook. In the end, you merely 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 first affiliate sale within 30 days of starting a blog. 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 up the men in white coats to take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .