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There are many different strategies to generate residual income across a wide variety of businesses. It may be recurring income from the very same customers or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book offered on a web site, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still require 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 into the local school board has recurring income, but it comes in recurring work that limits on your earning ability based on your own personal production capacity. .
This leverages the work of different folks to create income for you. A Few 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 builds 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 from other people's labour, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
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This type 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 much greater than when someone was just paying you a direct hourly my company fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing prices and have a nice chunk of change left over. .
In the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about pretty much every passive income flow there's.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of the potential passive income flows there were.
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Unfortunately no one has even until 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 head, my notes and the net 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 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 iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can see passive income flows simply come from resources, and assets are either bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you realize it can be even easier to make money this way than with an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading >.
If you told me a few years back that this would end up visit here being my #1 source of passive income, I would have Discover More Here slapped you silly and called up the men in white coats to come 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. .