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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income from the very same clients or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a website, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still need 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 to the local school board has recurring income, however it comes in recurring work that restricts on your earning capacity based on your own personal production ability. .
This frees the work of different folks to make income for you. A Few 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 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 into other entrepreneurs (the ultimate 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 labor, 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 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:
Although these need your immediate participation, your earning potential is much higher than if someone was paying you a direct hourly rate. Fill in a room with 1,000 people 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 ideas 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 click here now big fat epic record of all of the possible passive income flows 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 flow from my head, my notes and webpage 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 ebook (insanely not passive hahahah), but then you have to sit back and enjoy 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 effort.
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Because you can see passive income streams simply come from assets, and assets are bought with money (eg rental property) or in the case of almost all of the ideas below, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if my explanation you realize it can be even simpler to earn money this way than with an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years back that this would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats 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. .