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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income by the very same clients or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, like an e-book sold on a web site, or it may need some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn the income. For 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 which limits on your earning ability based on your own personal production ability. .
This frees the work of other people 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 affiliates who promote the product.A network marketer who 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 job 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're making money off of other people's labour, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that's even better.
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This sort of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Though these require your immediate participation, your earning potential is a lot higher than if someone was paying you an immediate hourly fee. Fill 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 ideas 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 stream there is.
During this period 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. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 beloved real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg write 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 each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come out of resources, and assets are bought with money (eg rental property) or even in the event of most of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly in the event that you realize it can be even easier to earn money this way than with an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or social media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me several years ago that this would end up being my #1 source of passive income, I would have slapped you silly and find this called the men in white jackets to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .