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There are many different strategies to generate residual income over a wide variety of businesses. It may be recurring income by the same clients or the earnings of a product to new clients. It could require no personal involvement whatsoever, such as an e-book sold on a website, 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 which may still need your involvement to earn your income. For example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to 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 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 affiliates that 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 job 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 labor, rather than mainly your own. Note that leveraged income may or may not 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:
Though these need your direct participation, your earning potential is much greater than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and Recommended Site you can pay for your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there is.
During this period the one thing I wanted more than anything else, was a large fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even until this day made an entire list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 favorite passive income thoughts 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 write 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 every morning available after sale after sale is madeon an ongoing get redirected here basis and without any additional work.
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Because you can see passive income streams simply come out of resources, and assets are bought with money (eg rental property) Clicking Here or even in the case of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you realize it can be even easier to earn money in this way than with an ebook. After all, you simply need to concentrate on pumping some content to your own site and getting the traffic 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 several years ago that this might end up being my #1 source of passive income, I would have slapped you silly and called the men in white jackets to come take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .