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There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income from the same customers or the earnings of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it can need some personal interaction, such as the insurance agent calling the customer to remind them about 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 each Monday into 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 capacity. .
This leverages the work of different folks 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 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 supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that is even better.
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This look at here 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, for example:
Though these need your immediate participation, your earning potential is a lot greater than if someone was just paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing prices and have a nice chunk of change left over. .
In the wise notions like an online course to the dress-me-in-the-white-jacket ideas like writing posts for adsense, Ive thought about nearly 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 possible passive income streams 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 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 favorite passive income thoughts here or you can check out navigate to this site 30 of my beloved real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg compose a quality 20,000 word ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning as sale after sale have a peek at this website 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 bought with money (eg rental property) or even in the event of almost all of the ideas under, purchased through perspiration (eg ebook)!
The much adored version for bloggers and content creators everywhere and for a good reasonits pretty easy to compose a 60-80 page ebook, not difficult to sell say $500 value a month through online networking, guest posting and your own SEO optimized site, and well you get to maintain a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt like some down and dirty affiliate commissions! Particularly in the event that you understand it can be even simpler to make money in this way than using an ebook. After all, you merely need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal 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 ago that this would 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 because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .