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There are many different strategies to generate residual income across a huge variety of businesses. It may be recurring income from the very same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, like an e-book sold on a web site, or it may need some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. For example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes in recurring work that limits on your earning capacity based on your own personal production capacity. .
This leverages the work of other folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through affiliates 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from 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's even better.
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This sort of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these require your direct participation, your earning potential is much higher than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 site link individuals 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 wise notions 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 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 wealthy 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 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 have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income streams simply come from resources, and resources are either bought with money (eg rental property) or in the event of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly in the event that you realize it can be even easier to earn money this way than using an ebook. After all, 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, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years ago that this might 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 thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .