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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income by the very same clients or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book sold on a web site, or it can need some personal interaction, such as the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production ability. .
This leverages the work of other people 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 job done by subcontractors.Franchising your business model to 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 labor, rather than primarily 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 make 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 greater than when someone was just paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
In the smart notions like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income streams there were.
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Unfortunately no one has even till this afternoon made an entire list. I spent the last week getting loaded 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 favorite passive income thoughts 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 write 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 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 see passive income streams simply come out of resources, and resources are either bought with money (eg rental property) or even in the event of most of the ideas under, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Especially if you understand it can be even simpler to make money in this way than using an ebook. In the end, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most 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 would end up being my #1 source of passive income, I'd have slapped you silly and called the 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 receives. description .