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There are many different strategies to generate residual income across a wide variety of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a website, or it can need some personal interaction, like the insurance agent calling the customer to remind them about their renewal.
Note that this is different from recurring income which may still require your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work that restricts on your earning ability based on your own personal production ability. .
This frees the work of different folks to make income for you. A Few 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 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 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 is even better.
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This type of income requires your immediate participation, but you can earn 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 much higher than when someone was paying you an go to my blog immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .
From the wise notions like an online path to the dress-me-in-the-white-jacket notions like writing posts for adsense, Ive thought about pretty much every passive income stream there is.
During this time the one thing I wanted more than anything else, was a big fat epic list of ALL the possible passive income streams there were.
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Unfortunately no one has even until this day made a complete list. I spent the past week getting loaded on 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 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 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 see passive income streams simply come out of resources, and assets are either bought with money (eg rental property) or in the case of most of the ideas below, purchased through perspiration (eg ebook)!
The much loved version for bloggers and content creators everywhere and for a fantastic reasonits pretty simple to write a 60-80 page ebook, not difficult to sell say $500 worth a month through online networking, guest posting and your own SEO optimized site, and well you get to maintain a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to earn money this way than using an ebook. In the end, you simply need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or social websites. Unsurprisingly, most people can enjoy their first affiliate sale within 30 days of starting a site. Continue reading .
If you told me a few years back that this might end up being my #1 source of passive income, I'd have slapped you silly and called linked here the men in white jackets to come take you away! And because back then selling goods online was insanely complex and time consuming. Pretty much as non-passive as a business gets. .