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There are many different ways to generate residual income across a huge array of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It could require no personal involvement in any respect, like an e-book offered on a website, or it may need some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income which may still need your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of other 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 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 into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are 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 is even better.
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This type 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:
Though these require your immediate participation, your earning potential is much higher than when someone was just paying you an immediate hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing posts 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 record of all of the possible passive income flows there were.
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Unfortunately no one has even until this day made an entire list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream from my mind, 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 ideas 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 own iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income flows simply come the original source from resources, and resources click to find out more are either bought with money (eg rental property) or even in the event of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly in the event that you understand it can be even simpler to earn money this way than using an ebook. In the end, you merely need to concentrate on pumping out some content to your own site and getting the traffic 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 ago that this would end up being my #1 source of passive income, I'd have slapped you silly and my blog called the men in white jackets to come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .