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There are many different ways to generate residual income over a wide variety of businesses. It might be recurring income from the same clients or the sales of a product to new customers. It may necessitate no personal involvement in any respect, such as an e-book sold on a website, or it may need some personal interaction, like the insurance agent calling the customer to remind them about 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 to the local school board has recurring income, but it comes from recurring work which limits on your earning capacity based on your own personal production ability. .
This leverages the work of other people to make 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 who 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 versions in many different businesses. The key is that you're making money off of other people's labor, 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 direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these need your immediate participation, your earning potential is a lot higher than if someone was just paying you a direct hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility investigate this site cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
From the smart ideas like an online course to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much 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 potential passive income flows there were.
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Unfortunately no one has even until this afternoon made a complete list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 preferred passive income ideas here or you can check out 30 of my favorite real life passive income businesses here.
Ie first you need to haul ass and do something crazy, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you have to why not try here 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 work.
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As you can see passive income flows simply come out of assets, and resources are bought with money (eg rental property) or in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even easier to earn money in this way than using an ebook. In the end, you simply need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or social websites. 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 would end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to 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. .