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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 customers. It could necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it may need 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. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of different people to create income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through affiliates who promote the product.A network marketer who assembles 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 into other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labour, rather than mainly your own. Note that leveraged income might or might not also 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 make more money by having more people involved. This generally involves a one-time event, such as:
Although these require your direct participation, your earning potential is a lot greater than if someone was just paying you an immediate hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional price, and staffing fees and have a nice chunk of change left over. .
From the smart ideas 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 is.
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 till this afternoon made a complete list. I spent the last week getting loaded 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 favorite 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 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 see passive income flows simply come from assets, and assets are either bought with money (eg rental property) or in the event of most of Go Here the ideas below, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially in the event that you understand it can be even simpler to earn money in this way than with an ebook. After all, you simply need to concentrate on pumping some content for 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 site. Continue reading .
If you told me several years ago that this might end up being my #1 source of passive income, I would have slapped you silly and called up the men in white coats to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .