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There are many different ways to generate residual income across a wide array of businesses. It may be recurring income from the very same clients or the sales of a product to new clients. It could necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it may need 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 need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes from recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of other people to make income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates that promote the product.A network marketer who 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 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 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.
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This type of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Though these need your direct participation, your earning potential is much greater than if someone was just paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing prices and still have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the potential passive income flows there were.
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Unfortunately no one has even till this day made a complete list. So I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream from my head, 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 ideas 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 compose a quality 20,000 word blossom (insanely not passive hahahah), but then you have to sit back Continue and enjoy seeing PayPal sale messages pop up on your own iPhone every morning available after sale after sale is madeon an look here ongoing basis and without any additional effort.
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Because you can see passive income streams simply come from assets, and resources are either bought with money (eg rental property) or even in the case of most of the ideas under, bought through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to earn money in this way than with an ebook. After all, you simply need to concentrate on pumping out some content to your own site and getting the visitors 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 several years back that this would 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 because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .