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There are many different ways to generate residual income over a huge array of businesses. It might be recurring income by the 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 may require some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. By way of example, a coach 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 from recurring work which restricts on your earning capacity based on your own personal production capacity. .
This frees the work of other 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 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 work 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 primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
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This type of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Although these require your direct participation, your earning potential is much 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 pay for your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there's.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the possible this passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the past week getting loaded 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 ideas 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy Click Here seeing PayPal sale messages pop up on your 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 observe passive discover this info here income streams simply come out of resources, and resources are bought with money (eg rental property) or in the case of almost all of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly if you understand it can be even simpler to make money this way than with an ebook. In the end, you merely need to concentrate on pumping some content to 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 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 products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .