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There are many different ways to generate residual income over a wide variety of businesses. It may be recurring income by the same clients or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, like 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 your income. By way of instance, a coach or consultant on a monthly retainer, or a secretary 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 capacity. .
This frees the work of other folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who promote the product.A network marketer who 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 into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models 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 might or might not also be residual income. When you combine them, that's even better.
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This type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these see this page need your direct participation, your earning potential is much higher than when 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. .
From use this link the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time 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 afternoon made an entire list. I spent the last 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 thoughts here or you can check out 30 of my favorite 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 get to sit back and enjoy seeing PayPal sale messages pop up on your own article source iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income flows simply come from assets, 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 like some down and dirty affiliate commissions! Especially if you understand it can be even simpler to earn money this way than with an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social websites. 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 coats to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .