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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income by the very same customers or the sales of a product to new customers. It may require no personal involvement in any respect, such as an e-book offered on a web site, or it can 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 that might still require your involvement to earn the income. For instance, a coach 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 which limits on your earning ability based on your own personal production ability. .
This frees the work of different people 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 who promote the product.A network marketer that 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 work 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're making money off of other people's labor, rather than primarily 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 sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these need your direct participation, your earning potential is a lot greater than if someone was paying you an immediate 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 have a nice chunk of change left over. .
From 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 large fat epic record of ALL the click this site potential passive income streams there were.
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Unfortunately no one has even till this day made a complete list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 favorite passive income ideas 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 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 every morning as sale 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 resources, and assets are bought with money (eg rental property) or even in the case of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you realize it can be even simpler to make money this way than using an ebook. published here After all, you merely need to concentrate on pumping out some content for your own recommended you read site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting 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 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. .