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There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income from the very same customers or the earnings of a product to new customers. It could require no personal involvement whatsoever, like an e-book sold on a web site, or it may need some personal interaction, like the insurance agent calling the customer 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 coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to 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 leverages the work of different people to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates that promote the product.A network marketer that builds 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 versions in many different businesses. The key is that you're making money off of 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 direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these require your immediate participation, your earning potential is much greater than if someone was paying you a direct hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the wise notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the possible passive income flows there were.
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Unfortunately no one has even until this day made a complete list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my head, 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 word ebook (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 as sale 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 assets are either bought with money (eg rental property) or even in the case of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Particularly in the event that you realize it can be even easier to make money this way than with an ebook. After all, you simply need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most people can enjoy their 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 take you away! And because back then selling products online was insanely complex and this contact form time consuming. Pretty much as non-passive as a business receives. .