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There are many different ways to generate residual income over a wide variety of businesses. It might be recurring income by the very same customers or the sales of a product to new clients. It could require no personal involvement in any respect, such as an e-book offered on a website, or it may 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 which may still need your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This frees the work of different 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 associates that promote the product.A network marketer who builds 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 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 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 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, for example:
Though these need your direct participation, your earning potential is a lot higher than when someone was paying you a direct hourly 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 still have a nice chunk of change left over. .
From the wise notions like an online course to the dress-me-in-the-white-jacket ideas 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 big fat epic record of ALL 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 last 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 preferred passive income ideas right here or you can check out 30 of company website my beloved real life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose a quality 20,000 word blossom (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 why not check here after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income streams simply come from resources, and resources are bought with money (eg rental property) or in the event of most of the ideas under, bought 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 using an ebook. In the end, you simply need to concentrate on pumping out some content for 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 a site. Continue reading .
If you told me several years back that this might end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats to take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .