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There are many different strategies to generate residual income over a huge variety of businesses. It may be recurring income by the same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a website, or it can 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 which may still require your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work which limits on your earning capacity based on your own personal production ability. .
This frees the work of other folks to create income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates that 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 versions in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that's 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, for example:
Although these require your immediate participation, your earning potential is a lot greater than if someone was paying you a direct hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing fees and have a nice chunk of change left over. .
In the smart notions 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's.
During this period the one thing I wanted more than anything else, was a big fat epic record of ALL the potential passive income flows there were.
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Unfortunately no one has even till this day made a complete list. So I spent the last week getting loaded 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 that site favorite passive income ideas right 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 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 work.
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Because you can see passive income streams helpful hints simply come out of resources, and assets are bought with money (eg rental property) or even in the case of most of the ideas under, bought through sweat (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly in the event that you realize it can be even easier to earn money in this way than with an ebook. After all, you simply need to concentrate on pumping out some content to your own site and getting the visitors 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 several years back that this might end up being my #1 source of passive income, I'd have slapped you silly and called the men in white coats to 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. .