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There are many different strategies to generate residual income across a huge variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new customers. It may necessitate no personal involvement in any respect, such as an e-book sold on a website, or it can need 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 need your involvement to earn your income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This frees the work of other people to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that's even better.
Get This Report on Residual Income In Switzerland - Passive Residual Income
This type of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Although these need your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
In the smart ideas like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought why not try this out 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 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 past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of my favorite 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 ebook (insanely not passive hahahah), but then you have 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 effort.
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As you can see passive income streams simply come out of assets, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas below, purchased through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even easier to make money this way than with an ebook. In the end, you merely 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 blog. Continue reading .
If you told me several years ago that this might end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white jackets to come 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 receives. .