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There are many different ways to generate residual income over a huge variety of businesses. It may be recurring income from the same customers or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, such as an e-book sold on a web site, or it can need some personal interaction, like the insurance agent calling the client to remind them about their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. For instance, 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 in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of different people to create income for you. A Few Examples of leveraged income include:
Some Known Facts About Residual Income In Switzerland.
An e-book author selling her e-book through associates that 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 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 may or may not be residual income. When you combine them, that's 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:
Though these require your direct participation, your earning potential is a lot greater than if someone was paying you an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From the smart ideas like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic list of ALL the potential passive income streams there were.
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Unfortunately no one has even until this day made an entire list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream visit this page 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 ideas 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 mad, eg write a quality 20,000 check these guys out word blossom (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone each 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 streams simply come from assets, and resources are bought with money (eg rental property) or even in the case of almost all of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you understand it can be even simpler to make money this way than with an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me a few years back that this would end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .