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There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new clients. It could require no personal involvement whatsoever, such as an e-book offered on a website, or it may require some personal interaction, such as the insurance agent calling the client to remind them regarding 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 to the local school board has recurring income, but it comes in recurring work that limits on your earning ability based on your own personal production ability. .
This frees the work of other 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 who 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 to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from 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 is even better.
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This type of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:
Although these need your direct participation, your earning potential is a lot greater than if someone was paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional price, and staffing fees and still have a nice chunk of change left over. .
In the wise ideas 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 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 potential passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income stream from my head, 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 right see it here 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 each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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As you can see passive income flows simply come from resources, and resources are bought with money (eg rental property) or in the event of most of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly in the event that you understand it can be even easier to make money in this way than using an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their very 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 read called up the men in white coats to take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .