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There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income from the same customers or the earnings of a product to new customers. 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, such as the insurance agent calling the customer to remind them regarding their renewal.
Note that this is different from recurring income which may still need your involvement to earn the income. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work that restricts on your earning ability based on your own personal production capacity. .
This frees the work of other people 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 who 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 to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labour, rather than mainly 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 sort of income requires your direct participation, but you can earn 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 an immediate hourly rate. Fill in a room with 1,000 people paying $50 each and you can cover your facility price, promotional cost, and staffing prices and still have a nice chunk of change left over. .
In the wise you could try these out 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 flow there's.
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 till this day made an entire list. I spent the last week getting loaded on strong Ethiopian espresso and compiling every different income flow 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 favorite passive income ideas 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 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 iPhone each 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 flows simply come from resources, and assets are bought with money (eg rental property) or in the case of most of the ideas under, bought through perspiration (eg ebook)!
Who doesnt like some down and dirty affiliate fees! Especially if you realize it can be even simpler to earn money this way than with an ebook. After all, you simply need to concentrate on pumping some Read More Here content for your own site and getting the traffic in, often via Google original site or social websites. Unsurprisingly, the majority of people can enjoy their very first affiliate sale within 30 days of starting a site. Continue reading .
If you told me several years ago that this would end up being my #1 source of passive income, I would have slapped you silly and called the men in white coats to take you away! And thats because back then selling products online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .