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There are many different strategies to generate residual income over a huge variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book sold on a web site, or it may require some personal interaction, like 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 instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, but it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of different folks to create income for you. Some 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 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're making money off of other people's labour, rather than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that's even better.
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This sort of income requires your direct participation, but you can earn more money by having more people involved. This over at this website generally involves a one-time event, for example:
Although these require your immediate participation, your earning potential is a lot higher than if someone was just paying you an immediate 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. .
From the smart notions like an online course to the dress-me-in-the-white-jacket notions like writing articles for adsense, Ive thought about pretty much 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 streams there were.
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Unfortunately no one has even until this day made a complete list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income stream 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 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 write a quality 20,000 word blossom (insanely not passive hahahah), but then you get to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come out of resources, and resources are either bought with money (eg rental property) or in the case of most of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate fees! Particularly in the event that you understand it can be even easier to make money this way than with an ebook. In the end, you merely need to concentrate on pumping some content to your own site and getting the traffic 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 several years ago that this might end up being my #1 source redirected here of passive income, I'd have slapped you silly and called the men in white coats to take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .