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There are many different strategies to generate residual income over a huge variety of businesses. It might be recurring income from the very same customers or the sales of a product to new clients. It may necessitate 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 your income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes in recurring work which restricts on your earning ability based on your own personal production capacity. .
This frees the work of different folks to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates 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 job 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 labor, rather than primarily your own. Note that leveraged income may or may not also 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:
Although these need your immediate participation, your earning potential is much greater than if someone was just paying you an immediate hourly rate. Fill a room with 1,000 individuals paying $50 each and you can cover 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 path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my head, my notes and the net 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 favorite real-life passive income businesses here.
Ie first you need to haul ass and do something crazy, 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 own 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 observe passive income streams simply come out of assets, and resources are either bought with money (eg rental property) or in the case of almost all of the ideas under, purchased through sweat (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 with an ebook. In the end, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years ago that this might end up being my #1 source of passive income, I'd click to read 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. .