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There are many different ways to generate residual income across a wide array of businesses. It might be recurring income from the very same customers or the earnings of a product to new customers. It may necessitate no personal involvement in any respect, like an e-book sold on a website, or it can 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 that might still require your involvement to earn the income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production capacity. .
This leverages the work of different people to make income for you. A Few 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 generated 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 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 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, for example:
Though these require your direct participation, your earning potential is a lot higher than when someone more was just paying you a direct hourly fee. 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 wise ideas like an online course to the dress-me-in-the-white-jacket ideas like writing read review posts for adsense, Ive thought about pretty much every passive income flow there is.
During this time the one thing I wanted more than anything else, was a large fat epic list of all of the possible 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 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 content 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 own iPhone each morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income flows simply come from assets, and resources are either bought with money (eg rental property) or in the event of almost all of the ideas under, purchased through perspiration (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 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 traffic in, often via Google or social websites. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading >.
If you told me a few 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 because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .