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There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income from the very same clients or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, like 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 about their renewal.
Note that this is different from recurring income which may still require your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of other folks to make income for you. Some 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 builds a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the work done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models in many different businesses. The key is that you're making money from 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 sort 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 require your immediate participation, your earning potential is a lot greater than if someone was just paying you a direct hourly fee. Fill in 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 ideas 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 flow there is.
During this period the one thing I wanted more than anything else, was a large fat epic record of all of the potential passive income flows there were.
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Unfortunately no one has even until this day made a complete list. So 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 find out here my favorite passive income thoughts right 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 own iPhone each morning as sale after sale after sale is madeon an ongoing basis and without any additional effort.
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Because you can observe passive income streams simply come from assets, and assets are bought with money (eg rental property) or even in the event of most of the ideas below, bought through sweat (eg ebook)!
The much adored version for bloggers and content creators everywhere and for a fantastic reasonits pretty easy to compose a 60-80 page ebook, not hard to sell say $500 worth a month through online networking, guest posting and your own SEO optimized blog, and well you get to maintain a large whack of the Clicking Here pie after paying affiliates. Hells yeah! Continue reading .
Who doesnt enjoy some down and dirty affiliate fees! Especially if you realize it can be even easier to make money this way than with an ebook. In the end, you simply need to concentrate on pumping some content for your own site and getting the traffic in, often via Google or societal websites. 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 ago 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 come take you away! And because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business gets. .