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There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income from the same customers or the earnings of a product to new customers. It may necessitate no personal involvement in any respect, such as an e-book offered on a website, or it can 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 which may still require your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of different people 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 who promote the product.A network marketer who builds 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 to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labour, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
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This sort of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these need your immediate participation, your earning potential is a lot greater than when someone was paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional check over here cost, and staffing fees and have a nice chunk of change left over. .
From straight from the source 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's.
During this time the one thing I wanted more than anything else, was a big fat epic list of ALL the possible passive income flows there were.
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Unfortunately no one has even till this afternoon 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 net interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite passive income thoughts 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 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 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 see passive income flows simply come out of assets, and resources are either bought with money (eg rental property) or even in the event of most of the ideas under, bought through sweat (eg Click This Link ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you understand it can be even easier to make money in this way than using an ebook. After all, you simply need to concentrate on pumping out some content for your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, most 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 would have slapped you silly and called up the men in white jackets to come 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. .