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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income by the same clients or the sales of a product to new clients. It may 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 need your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a secretary 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 other folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates that 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 work 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 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 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, such as:
Although these require your direct participation, your earning potential is a lot greater than when get more someone was just paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional price, and staffing prices and 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 posts for adsense, Ive thought about nearly every passive income stream there is.
During this time the one thing I wanted more than anything else, was a large fat epic list of ALL the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made a complete list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my head, 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 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 own iPhone every morning as sale after Full Report sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come out of resources, and assets are bought with money (eg rental property) or even in the case of most of the ideas below, 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 easier to make money in this way than using an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. 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 the look at more info men in white jackets to take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .