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There are many different strategies to generate residual income over a huge variety of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, like an e-book sold on a website, or it can require some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work that restricts on your earning ability based on your own personal production capacity. .
This frees the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates who 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 ultimate 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 labour, 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.
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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, for example:
Though these require your immediate participation, your earning potential is much higher than if someone was paying you an immediate hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can pay for visit this website your facility cost, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the wise notions like an you could try these out 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 big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even until this day made a complete list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income flow from my mind, 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 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 crazy, eg write a quality 20,000 word blossom (insanely not passive hahahah), but then you have 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 effort.
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Because you can see passive income flows simply come out of assets, and assets are bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if you understand it can be even simpler to make money this way than using an ebook. In the end, you simply 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 jackets to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .