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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 same customers or the sales of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a website, or it may need some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. For example, 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 from recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of other 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 that promote the product.A network marketer who assembles 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 ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money from other people's labor, rather than mainly 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 type of income requires your direct 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 immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional price, and staffing prices and have a nice chunk of change left over. .
From the smart notions like an online path 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 period the one thing I wanted more than anything else, was a large fat epic record of all of the potential passive income streams there were.
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Unfortunately no one has even till this day made a complete list. I spent the past week getting wealthy on More Info strong Ethiopian espresso and compiling every different income flow from my mind, my notes and the world wide interwebs!
PS if you want to cut to the chase you can get access to 3 of news my favorite passive income thoughts 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 mad, eg compose a quality 20,000 word blossom (insanely not passive hahahah), additional resources but then you have 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 assets, and assets are either bought with money (eg rental property) or even in the case of almost all of the ideas under, purchased through sweat (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you realize it can be even easier to make money 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'd have slapped you silly and called up the men in white jackets to come take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .