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There are tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt really a sort of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, then youre likely 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 shares 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 house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of their retail or net price of each book soldin perpetuity.
In each of these cases, your one-time investment consistently provides you with 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, that includes products such as e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals buy 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 (obviously, only after theyve gained a following and promoted the hell out of themselves)!
In the digital age, knowledge is powerand money. Selling your knowledge through online merchandise is big business. Why not tap into it
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Obviously, the selling of manufactured goods or products is an age-old source of income, but is it passive income It could be, depending on the business model. Two of the most common sources of passive income through merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers purchases are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting loyal clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your website, and you get a percentage of the selling when someone clicks from your site to purchase it. If your website gets lots of traffic, then you could earn a pretty penny from affiliate links!
This is exactly what dreams are made from. Youre making money even when you arent doing anything. This means that even when 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 job is, no matter how hard you work, no matter how fantastic you're at your job, no matter how much additional time you log, then there will always be a limit to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then begin 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 check these guys out on seven different income sources but a number of them take a good deal of work.
Passive income is money you earn from a solution or an investment where you dont have to do any more work after you put it up. That means consistent cash flow each month whether youre working or not.
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Im going to discuss my seven popular passive income resources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
If you want more great videos check these guys out on making money and making your money work for you, dont forget to subscribe to the YouTube channel. Its completely free and were growing a fantastic community. Register and Join the Community.
Im going to begin with the simple passive income thoughts, the ones you can begin making money on immediately and will work through into the ones youll make the most money on as we go through the list so make sure you stick around to grab those last couple of passive income plans.