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There are many different strategies to generate residual income across a wide array of businesses. It might be recurring income from the same customers or the sales of a product to new clients. It could require no personal involvement whatsoever, such as an e-book sold on a web site, or it can require some personal interaction, like 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. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of different people to create income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through associates who promote the product.A network marketer that 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 supreme 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 primarily 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 immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Although these require your direct participation, your earning potential is a lot greater than if someone was just paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles 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 large fat epic record of all of important link the potential passive income streams there were.
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Unfortunately no one has even till this day made a complete list. I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 preferred 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 blossom (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone every morning available after sale check here 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 assets, and assets are either bought with money (eg rental property) or in the event of almost all of the ideas under, bought through sweat (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. In the end, 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 very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me several years ago that this might end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to come take review you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .