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There are many different strategies to generate residual income across a huge variety of businesses. It may be recurring income by the same customers or the sales of a product to new customers. It could require no personal involvement whatsoever, like an e-book offered on a website, or it can need 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 that might still require your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a secretary 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 ability. .
This leverages the work of different people 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 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions 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 may or may not be residual income. When you combine them, that is even better.
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This type 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 need your direct participation, your earning potential is a lot greater than if someone was just paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even until this afternoon made a complete list. I spent the last additional info 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 crazy, eg compose 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 iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income flows simply come out of resources, and assets are either bought with money (eg rental property) or in the case of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you understand it can be even simpler to earn money in this way than using 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 social media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a site. 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 jackets to come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .