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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 clients or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, such as an e-book offered on a web site, or it may require 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 need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every 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 folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who 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 ultimate leveraged income). .
Again, there are many different models 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 also 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 make more money by having more people involved. This generally involves a one-time event, such as:
Though these need your direct participation, your earning potential is a lot greater than if someone was paying you a direct click resources hourly rate. Fill a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the wise notions like an online course to the dress-me-in-the-white-jacket ideas like writing articles 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 big fat epic list of ALL the possible passive income streams there were.
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Unfortunately no one has even until this afternoon made an entire list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my head, my notes my sources and the net interwebs!
PS if you want to cut click to investigate to the chase you can get access to 3 of my preferred passive income thoughts right 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 compose a quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own 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 streams simply come from resources, and resources are bought with money (eg rental property) or in the event of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even simpler to make money this way than with an ebook. After all, you simply need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or social media. Unsurprisingly, the majority of people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few years ago that this would end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats 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. .