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There are many different ways to generate residual income across a huge array of businesses. It may be recurring income by the same clients or the sales of a product to new customers. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it can 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 need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, however it comes from recurring work which restricts on your earning ability based on your own personal production ability. .
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 author selling her e-book through associates who promote the product.A network marketer who assembles 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 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 labour, rather than primarily 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 immediate participation, but you can earn more money by having read more people involved. This generally involves a one-time event, for example:
Although these need your direct participation, your earning potential is a lot greater than if someone was just paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the wise ideas 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 flow there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income ideas right here or you can check out 30 of my favorite check this 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 have to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can observe passive income flows simply come from assets, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you realize it can be even simpler to earn money in 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 social media. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few years back 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 goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .