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There are many different ways to generate residual income across a wide array of businesses. It might be recurring income by the very same customers or the sales 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 need 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 need your involvement to earn your income. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of different 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 associates that 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 work done by subcontractors.Franchising your business model into 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 mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
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This sort 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 immediate participation, your earning potential is a lot higher than if someone was just paying you an immediate hourly rate. Fill a room with 1,000 individuals 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. .
In the wise ideas like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about pretty much every passive income flow there's.
During this time the one thing I wanted more than anything else, was a large fat epic list of ALL 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 last week getting loaded on strong Ethiopian espresso and compiling every see this page different income stream from my mind, my notes and my website the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred passive income thoughts 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 ebook (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income streams simply go to this website come out of assets, and resources are either bought with money (eg rental property) or even in the case of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you understand it can be even easier to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or societal websites. 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 back 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 coats to 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. .