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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income by the very same customers or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, like an e-book offered on a website, or it may require 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 need your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every 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 folks to create income for you. Some examples of leveraged income include:
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An e-book writer 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 job done by subcontractors.Franchising your business model to 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 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, for example:
Though these require your immediate participation, your earning potential is a lot greater than when someone was just paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing prices and still have a nice chunk of click for source change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even till this afternoon made a complete list. I spent the last 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 preferred passive income thoughts 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 mad, eg write 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 every 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 out of assets, and resources are either bought with money (eg rental property) or in the case of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you realize it can be even easier to earn money in this way than with an ebook. In the end, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal 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 the men in white jackets to take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .