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There are many different strategies 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 may require no personal involvement whatsoever, such as an e-book sold on a web site, or it may require 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 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 to the local school board has recurring income, but it comes in recurring work that restricts on your earning capacity based on your own personal production capacity. .
This frees 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 affiliates that promote the product.A network marketer that builds a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the job 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 off of other people's labor, rather than primarily 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 sort of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
Although these require your direct participation, your earning potential is much higher than when someone was just paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing prices and still have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about check out this site nearly every passive income flow there's.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income streams there were.
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Unfortunately no one has even until this afternoon made a complete list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income stream from my head, my notes and 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 write 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 iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can observe passive income streams useful site simply come from assets, and resources are either bought with money (eg rental property) or even in the event of most of the ideas below, purchased through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you realize it can be even simpler to earn money in this way than with an ebook. After all, you merely need to concentrate on pumping some content for your own site and getting the traffic 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 several years back that this would end up being my #1 source of passive income, I would have slapped you silly and called the men in white jackets my latest blog post to come take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .