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There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income from the very same clients or the earnings of a product to new customers. It could require no personal involvement in any respect, such as 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 that might still require your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, but it comes in recurring work which restricts on your earning capacity based on your own personal production ability. .
This leverages the work of other folks to create income for you. A Few Examples of leveraged income include:
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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 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than mainly 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 type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:
Although these need your direct participation, your earning potential is much higher than when someone was just paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow 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 until this day made an entire list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, 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 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 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 observe passive income flows simply come out of resources, and resources are bought with money (eg rental property) or even in the event of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially if you realize it can be even simpler to earn money this way than using 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 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 back that this might end up being my #1 source of have a peek at this site passive income, I'd have slapped you silly and called the men in white coats to come take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .