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There are many different ways to generate residual income over a wide variety of businesses. It may be recurring income by the same customers or the earnings of a product to new customers. It could require no personal involvement whatsoever, like an e-book sold on a website, or it can 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. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work that restricts on your earning capacity based on your own personal production ability. .
This leverages the work of different people 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 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 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 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 need your direct participation, your earning potential is much higher than when someone was paying you a direct hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this period the one thing I wanted more than anything else, was a big fat epic list of all of the possible passive income streams there were.
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Unfortunately no one has even till this day made an entire list. I spent the last 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 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 get to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning available 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 from resources, and assets are either bought with money (eg rental property) or even in the case of like this most of her latest blog the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even easier to earn money 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 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 a few years ago 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 jackets 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 receives. .