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There are many different ways to generate residual income across a huge variety of businesses. It may be recurring income from the same clients or the earnings of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book offered on a web site, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income which may still need your involvement to earn the income. For example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production ability. .
This leverages the work of different 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 associates that promote the product.A network marketer that 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 to other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labor, rather than mainly your own. Note that leveraged income may or may 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 make 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 much higher than if someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing fees and have a nice chunk of change left over. .
In the wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly every passive income stream there is.
During this period the one thing I wanted more than anything else, was a big fat epic list of all of the potential passive income streams there were.
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Unfortunately no one has even more tips here 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 try these out to the chase you can get access to 3 of my favorite passive income thoughts 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 compose 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 every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can see passive income streams simply come from resources, and assets are bought with money (eg rental property) or in the event of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly if you understand it can be even easier to make money in this way than with an ebook. After all, you merely need to concentrate on pumping out some content to your own site and getting the visitors in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years back 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 take you away! And thats because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .