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There are many different strategies to generate residual income over a huge variety of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It could require no personal involvement in any respect, like an e-book offered on a web site, or it can need 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 the income. By way of example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, but it comes from recurring work which restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other people to create income for you. A Few 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 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 supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money from other people's labor, 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 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, for example:
Though these require your immediate participation, your earning potential is a lot higher than if someone was paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing prices and have a nice chunk of change left over. .
In the wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the possible passive income flows there were.
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Unfortunately no one has even till this day made a complete list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow from my mind, my notes and the net 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 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 resource own iPhone each 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 resources are bought with money (eg rental property) or even in the event of most of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even simpler to make money in this way than with an ebook. After all, you simply need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting see this site a blog. Continue reading .
If you told me several years back that this would end up being my #1 source of passive income, I would have slapped you silly and called the men in white jackets to take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a link business receives. .