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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 same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.
Note that this is different from recurring income that might still require your involvement to earn the income. For example, a mentor 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 from recurring work which limits on your earning capacity based on your own personal production ability. .
This frees 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 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 job 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 off of other people's labour, 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 sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
Though these need your direct participation, your earning potential is much higher than when someone was 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 prices and still have a nice chunk of change left over. .
From the smart 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 is.
During this time the one thing I wanted more than anything else, was a big fat epic list of all of 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 head, 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 favorite real-life passive income businesses here.
Ie first you need to haul ass and do something mad, eg write a quality 20,000 word blossom (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 available after sale after sale is madeon an ongoing basis and without any additional effort.
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As you can see passive income flows simply come from assets, and resources are either bought with money (eg rental property) or even in the case of almost all of the ideas under, purchased through sweat (eg ebook)!
The much adored model for bloggers and content creators everywhere and to get a good reasonits pretty simple to write a 60-80 page ebook, not difficult to sell say $500 value a month through online networking, guest posting more helpful hints and your own SEO optimized blog, and well you get to maintain a large whack of the pie after paying affiliates. Hells yeah! Continue reading .
Who doesnt like some down and dirty affiliate commissions! Especially in the event that you realize it can be even simpler to make money in this way than with an ebook. In the end, you simply need to concentrate on pumping some content to your own site and getting the traffic in, often via Google or societal media. Unsurprisingly, most people can enjoy their very first affiliate sale within 30 days of starting a blog. Continue reading .
If you told me a few years ago that this might end up being my #1 source of passive income, I'd have slapped you silly and called up the men in white jackets to take you away! And because back then selling goods online was insanely complicated and time consuming. Pretty much as non-passive as a business receives. .