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There are many different strategies to generate residual income over a huge variety of businesses. It might be recurring income by the very same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, like 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 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 to the local school board has recurring income, however it comes from recurring work which restricts on your earning capacity based on your own personal production ability. .
This frees the work of other people to create 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 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 labour, rather than primarily 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 direct participation, your earning potential is a lot greater than when someone was paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional cost, and staffing fees and still have a nice chunk of change left over. .
From 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 stream there's.
During this time the one thing I wanted more than anything else, was a big fat epic list of ALL the possible passive income flows there were.
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Unfortunately no one has even until this day made an entire list. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income flow 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 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 Recommended Site something mad, eg compose 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 each morning available 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 assets, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas below, bought through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you realize it can be even easier to make money in this way than using an ebook. In the end, you merely need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or social 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 a few years ago that this might end up being my #1 source of passive income, I would have slapped you silly and called the men in white jackets to take you away! And thats because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .