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There are many different ways to generate residual income across a huge variety of businesses. It may be recurring income from the very same customers or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, such as an e-book sold on a web site, 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 mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This frees the work of different people to make income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through associates that promote the product.A network marketer who 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 work 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 from 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 is even better.
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This type of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Although these need 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 cost, promotional cost, 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 articles for adsense, Ive thought about pretty much every passive income stream there's.
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 until this afternoon made a complete list. So I spent the last 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 preferred 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 blossom (insanely not passive hahahah), but then you get see this here 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 work.
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Because you can see passive income flows simply come out of resources, and assets are bought with money (eg rental property) or in the event of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Particularly if you realize it can be even simpler to make money in this way than using an ebook. After all, you simply need to concentrate on pumping some content for your own site and getting the visitors in, often via Google or social media. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a blog. 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 jackets to take you away! And thats because back then selling products online was insanely complex and time click for more info consuming. Pretty much as non-passive as a business gets. .