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There are tons of articles out there confusing passive income with residual income. But in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt really a type of income, its a calculation that accountants work to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably curious about passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a real estate propertyresidential or commercial. Yes, the property needs to be maintained, but the earnings still flow in each month.
Book sales: Royalties an author receives writing a novel. Generally, they have paid a percentage of the retail or net cost of every publication soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you an income at the same time you sit back and collect on it. What could be better than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, which includes products such as e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has already prepared the content, all they need to do is watch the money roll in (of course, only once theyve gained a following and promoted the hell out of themselves)!
In the electronic age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Of course, the selling of manufactured goods or merchandise is an age-old source of income, but can it be passive income it might be, depending on the business model. Two of the most common sources of passive income via product sales are:
Product Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases are another source of passive income. Like any other type of passive income, go if you invest up-front (by recruiting faithful clients ), the long-term benefits can be huge!
Affiliate Programs: As an affiliate, you market a companys products or services on your website, and you receive a percentage of the sale when someone clicks from your site to purchase it. If your site gets lots of traffic, then you can earn a pretty penny out of affiliate links!
That is exactly what dreams are made from. Youre making money even when you arent doing anything. This means that even if youre sick, traveling, or dont feel like working, the money youre your passive income source(s) continues to roll in.
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The thing about earning money from a corporate occupation would be, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, there'll always be a limitation to your incomethats the term salary limit exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then start investing!
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You can work your ass off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a good deal of work.
Passive income is money you make from a solution or an investment in which you dont have to do any more work once you set this up. That means consistent cash flow each month if youre working or not.
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Im going to share my seven favorite passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
If you want more excellent movies on making money and making your money work for you, dont forget to register to the YouTube channel. Its free and so were growing a fantastic community. Register and Join the Community.
Im going to begin with the easy passive income ideas, the ones you can begin making money on instantly and will work through to the ones youll create the most money on as we proceed through the listing so make sure you stick around to catch those last few passive income plans.