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There are many different ways to generate residual income across a huge array of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It may require no personal involvement whatsoever, like an e-book offered on a website, or it may 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 your 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 in recurring work which restricts on your earning capacity based on your own personal production ability. .
This frees the work of different folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates that 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 supreme leveraged income). .
Again, there are many different versions 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's even better.
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This sort of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Though these need your immediate participation, your earning potential is a lot greater than when someone was just paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing fees and 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 articles for adsense, Ive thought about pretty much every passive income hop over to these guys stream there's.
During this period the one thing I wanted more than anything else, was a large fat epic list of ALL the possible 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 past week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 favorite passive income thoughts 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 crazy, eg compose a quality 20,000 word ebook (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 effort.
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As you can observe passive income streams simply come from resources, Related Site and resources are either bought with money (eg rental property) or in the case of most of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you understand it can be even easier to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading .
If you told Source 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 up the men in white jackets to 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 gets. .