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There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the very 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 require some personal interaction, like the insurance agent calling the client to remind them about 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, but it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This frees the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through associates 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 to other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions 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 may or may 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 earn more money by having more people involved. This generally involves a one-time event, for example:
Though these require your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly rate. Fill a room with 1,000 look at these guys people paying $50 each and you can cover your facility cost, promotional price, and staffing prices and have a nice chunk of change left over. .
In the wise ideas 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 is.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even till this day made a complete 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 beloved real-life passive income businesses here.
Ie first you need to haul ass and do something crazy, 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 pop up on your own 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 flows simply come from assets, and resources are 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! Particularly if you realize it can be even simpler to make money this way than with an ebook. After all, you merely need to concentrate on pumping out some content for your own site and getting the traffic in, often via Google or societal websites. 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 would end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white jackets to take you away! And thats because back then selling goods online was insanely complex try these out and time consuming. Pretty much as non-passive as a business gets. .