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There are many different strategies to generate residual income across a wide variety of businesses. It may be recurring income from the very same customers or the sales of a product to new customers. It could require no personal involvement whatsoever, like an e-book offered on a website, 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 instance, a mentor 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 in recurring work that limits on your earning capacity based on your own personal production capacity. .
This leverages the work of other people to make income for you. Some examples of leveraged income include:
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An e-book writer 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions 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's even better.
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This sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Although these need your immediate participation, your earning potential is a lot higher than if someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart ideas like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a big fat epic list of ALL the potential passive income flows there were.
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Unfortunately no one has even until this afternoon made an entire list. So I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income flow 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 ideas right here or you can check out 30 of my beloved real-life passive income businesses here.
Ie first you need to haul ass and do something crazy, eg compose a quality 20,000 pop over to these guys word ebook (insanely not passive hahahah), but then you check these guys out 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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As see page you can observe passive income streams simply come out of assets, and assets are bought with money (eg rental property) or even in the case of almost all of the ideas under, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially if 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 some content to your own site and getting the visitors in, often via Google or social media. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years back that this would 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 thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .