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There are many different ways to generate residual income over a huge array of businesses. It might be recurring income by the very same customers or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book offered on a website, or it may require some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still require your involvement to earn your income. By way of example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes from recurring work that restricts on your earning ability based on your own personal production capacity. .
This leverages the work of other people to create income for you. A Few 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 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 into other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from other people's labour, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that is 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 much higher than when someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing posts 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 large fat epic list of all of the potential passive income flows there were.
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Unfortunately no one has even till this day made an entire list. So I spent the last week getting wealthy on strong Ethiopian espresso his explanation 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 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 crazy, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning as sale 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 assets, and assets are either bought with money (eg rental property) or in the case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even simpler to earn money in this way than using an ebook. In the end, you merely need to concentrate on pumping some content to your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. 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 Full Report slapped you silly and called up 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. .