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There are many different strategies to generate residual income over a huge variety of businesses. It may be recurring income by the same customers or the sales of a product to new clients. It could require no personal involvement in any respect, like an e-book sold on a website, or it may require some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. By way of example, a coach 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 ability based on your own personal production ability. .
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 affiliates who promote the product.A network marketer who 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from other people's labour, 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, for example:
Though these need your direct participation, your earning potential is a lot greater than when someone was paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
In the wise notions 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 stream there's.
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. So I spent the past 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 preferred passive income thoughts right 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 write a quality 20,000 word ebook (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 as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can look at this website see passive income flows simply come from resources, and resources are either bought with money (eg rental property) or in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you realize it can be even easier to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years ago that this would end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white jackets to take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .