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There are many different ways to generate residual income over a huge variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new clients. It could require no personal involvement in any respect, like an e-book offered on a web site, 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 that might still require your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into 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 frees the work of other folks to create 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 that builds a downline and receives commissions on the sales generated 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 models in many different businesses. The key is that you're making money from 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 is 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 generally involves a one-time event, for example:
Though these need your immediate participation, your earning potential is a lot 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 ideas like writing posts for adsense, Ive thought about pretty much every passive income stream there is.
During this period the one thing I wanted more than anything else, was a big fat epic list of all of the potential passive income streams there were.
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Unfortunately no one has even till this day made an entire list. So I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 favorite passive income thoughts here or you can find more 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 blossom (insanely not passive hahahah), but then you have to sit back and enjoy visit the site seeing PayPal sale messages pop up on your own iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income flows simply come from assets, and resources are bought with money (eg rental property) or even in the event of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you understand it can be even easier to earn money this way than with an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years back that this might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to come 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 gets. .