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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income by the very same customers or the sales of a product to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a web site, or it can need some personal interaction, such as the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income which may still need your involvement to earn the income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that limits on your earning capacity based on your own personal production ability. .
This leverages the work of different people to create income for you. Some 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 who 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 are making money off of other people's labour, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
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This type of income requires your immediate participation, but you can earn more Click This Link 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 a lot greater than if someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
From the smart 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 flow there is.
During this period the one thing I wanted more than anything click site else, was a large 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 a complete 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 check out 30 of my beloved real life passive income businesses here.
Ie first you need to haul ass and do something crazy, eg compose 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 each morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income flows simply come out of assets, and resources are bought with money (eg rental property) or in the event of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you understand it can be even easier to make 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, the majority of people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years back that this might end up being my #1 source of passive income, I would 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 complex and time consuming. Pretty much as non-passive as a business receives. .