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There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income by the same clients or the sales of a product to new customers. It could require no personal involvement in any respect, like an e-book offered on a website, or it can need 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 which may still require your involvement to earn the income. By way of instance, a mentor 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 ability based on your own personal production ability. .
This frees the work of other 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 that assembles 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 off of other people's labor, rather than mainly 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 sort of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:
Though these require your direct participation, your earning potential is a lot greater than when someone was just paying you a direct hourly fee. Fill in a room with 1,000 individuals 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 ideas 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 stream 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 streams there were.
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Unfortunately no one has even till this day made a complete list. 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 preferred passive income ideas 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 mad, 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 each 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 even in the case of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially in the event that you understand it can be even easier to earn money this way than next page with an ebook. After all, you simply need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or societal websites. Unsurprisingly, the majority of 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 would have slapped you silly and called up the men in white coats to take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .