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There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income from the very same customers or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may require 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 require your involvement to earn your income. For 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, but it comes in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This frees the work of different 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 who 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 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 labour, rather than primarily your own. Note that leveraged income might or might 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:
Though these require your immediate participation, your earning potential is a lot higher than when someone was just paying you a direct hourly rate. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about nearly every passive income stream there's.
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 until this afternoon made an entire list. I spent the last week getting wealthy on strong Ethiopian espresso and compiling every different income stream 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 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages additional reading pop up find here on your own iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional work.
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Because you can see passive income streams simply come out of resources, and resources are bought with money (eg rental property) or even in the event of most of the ideas below, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Especially in the event that you understand it can be even easier to make money this way than using 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 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 might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to come take you away! And because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .