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There are many different strategies to generate residual income over a wide variety of businesses. It may be recurring income from the same customers or the sales of a product to new clients. It may require no personal involvement in any respect, such as an e-book offered on a website, or it can require 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 need your involvement to earn your income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other people to create income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates that 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 ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you are making money off of other people's labor, rather than mainly your own. Note that leveraged income may or may not 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 make more money by having more people involved. This generally involves a one-time event, for example:
Although these need your immediate participation, your earning potential is much higher than when someone was just paying you an 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 have a nice chunk of change left over. .
In the wise notions like an online path to the dress-me-in-the-white-jacket ideas like writing articles for adsense, Ive thought about nearly every passive income stream there's.
During this time the one thing I wanted more than anything else, was a large fat epic record of ALL the possible passive income flows there were.
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Unfortunately no one has even till this afternoon made an entire list. So I spent the past week getting wealthy on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the world wide click over here interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred passive income thoughts 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 ebook (insanely not passive hahahah), but then you have to sit back and enjoy seeing PayPal sale messages pop up on your iPhone every morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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As 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 almost all of the ideas under, purchased through sweat (eg ebook)!
The much loved model for bloggers and content creators everywhere and to get a good reasonits pretty simple to compose a 60-80 page ebook, not hard to market say $500 value a month through online networking, guest posting and your own SEO optimized blog, and well you get to keep a large whack of this pie after paying affiliates. Hells yeah! Continue reading >.
Who doesnt like some down and dirty affiliate commissions! Particularly if you realize it can be even simpler to earn money this way than using an ebook. After all, you simply 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 very 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 would have slapped you silly and called up the men in white coats to take you away! And thats because back then selling products online was insanely complex and time consuming. Pretty much as non-passive as a business receives. .