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There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income by the same clients or the earnings of a product to new customers. It may require no personal involvement whatsoever, like an e-book offered on a web site, or it may 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 coach or consultant on a monthly retainer, or a caterer who delivers lunch every 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 capacity. .
This leverages the work of different folks to create 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 that builds a downline and receives commissions on the sales made 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 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 labour, rather than mainly 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:
Although these require your direct participation, your earning potential is a lot greater than if someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
In the smart ideas like an online course to the dress-me-in-the-white-jacket notions like writing articles 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 big fat epic list of all of the possible passive income streams there were.
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Unfortunately no one has even until this day made a complete list. So I spent the past week getting wealthy 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 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 mad, why not try here eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you get 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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Because you can observe passive income flows simply come out of resources, 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 commissions! Particularly in the event that you understand it can be even simpler to earn money in this way than using an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal media. Unsurprisingly, most 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 the men in white coats to come take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as go to this web-site non-passive as a business receives. .