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There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income from the same customers or the earnings of a product to new customers. It could necessitate no personal involvement in any respect, such as an e-book offered on a website, or it may require some personal interaction, such as the insurance agent calling the client to remind them regarding 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 secretary who delivers lunch every Monday into the local school board has recurring income, but it comes from recurring work which limits on your earning capacity based on your own personal production capacity. .
This frees the work of different people to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates that 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 work done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money off of other people's labour, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
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This type of income requires your direct participation, but you can make 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 a lot higher than when someone was paying you a direct hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional useful content cost, and staffing prices and still have a nice chunk of change left over. .
From the wise ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles for click now adsense, Ive thought about nearly every passive income flow there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even till this day made a complete list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred 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 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 own iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income streams simply come from resources, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even easier to make 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 social media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years ago that this might end up being my #1 source see this website of passive income, I'd have slapped you silly and called the men in white jackets 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 gets. .