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There are many different strategies to generate residual income over a wide array of businesses. It may be recurring income by the same clients or the earnings of a product to new clients. It may necessitate no personal involvement whatsoever, such as an e-book offered on a website, or it may need some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income that might still need your involvement to earn your income. For example, a coach 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 which restricts on your earning ability based on your own personal production ability. .
This frees the work of different people 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 affiliates that promote the product.A network marketer that assembles a downline and receives commissions on the sales generated 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're making money off of other people's labour, rather than mainly your own. Note that leveraged income might or might 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, such as:
Though these require your immediate participation, your earning potential is a lot higher than if someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, 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 go to these guys ideas like writing articles for adsense, Ive thought about nearly every passive income flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic list 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. I spent the past week getting loaded on strong Ethiopian espresso and compiling every different income stream from my mind, my notes and the net interwebs!
PS if you want to cut to the chase you can get access to 3 of my preferred passive income thoughts 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 get to sit back and enjoy seeing PayPal sale messages pop up on your own iPhone every morning available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can observe passive income streams simply come from resources, and resources are bought with money (eg rental property) or even in the event of almost all of the ideas under, purchased through perspiration (eg ebook)!
Who doesnt enjoy some down and dirty affiliate commissions! Particularly if you realize it can be even easier to earn money in this way than with an ebook. In the end, you check these guys out merely need to concentrate on pumping 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 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 coats to take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .