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There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income from the same clients or the sales of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book sold on a website, 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 require your involvement to earn the income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production ability. .
This leverages the work of different people 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 that promote the product.A network marketer who 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 job done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from 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 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, for example:
Although these need your immediate participation, your earning potential is much greater than when someone was paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the smart ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much every passive income stream there's.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the possible passive income streams there were.
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Unfortunately no one has even until this day made a complete list. I spent the last click resources 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 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 get 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 basis and without any additional effort.
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As you can observe passive income streams simply come from assets, and assets are either bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly in the event that you understand it can be even simpler to make money this way than using an ebook. In the end, you merely need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years ago 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 come take you away! And thats because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .