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There are many different strategies to generate residual income over a huge array of businesses. It might be recurring income by the same clients or the earnings of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book offered on a website, or it may 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 that might still need your involvement to earn your income. By way of 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 which limits on your earning capacity based on your own personal production ability. .
This leverages the work of other folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates who 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 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 mainly your own. Note that leveraged income may or may not be residual income. When you combine them, that is 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 much greater than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing prices and still have a nice chunk of change left over. .
In the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing articles 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 the possible passive income flows there were.
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Unfortunately no one has even till this day made an entire list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow 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 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 mad, eg write 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 iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional work.
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As you can see passive income flows simply come out of resources, and resources are bought with money (eg rental property) or in the event of almost all of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you understand it can be even simpler to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping out some content for 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 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 the men in white jackets to come take you away! And thats because back visit this page then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .