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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 known as disposable income, residual income isnt actually a sort 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 likely interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get 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 house needs to be maintained, but the earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of every book soldin perpetuity.
In each these cases, your one-time investment consistently offers you an income while 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 classes. Essentially, the entrepreneur sells their expertise by means of these pre-prepared online productsindividuals buy the e-book or online training to gain access to the experts knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (of course, only once theyve gained a following and marketed 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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Of course, the selling of manufactured goods or merchandise is an age-old source of income, but is it passive income it might be, depending on the business model. Some of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become merchandise distributors and earn a return on their clients purchases are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting loyal customers), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you get a percentage of the sale when someone clicks from your site to buy it. If your site gets a lot of traffic, you can earn a pretty penny from affiliate links!
That is exactly what dreams are made of. 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 your corporate job is, no matter how hard you work, no matter how fantastic you're at your work, no matter how much additional time you log, there'll always be a limit to your incomethats the term salary cap exists.
Unlike your company salary, passive income has no limits. Want to earn seven figures Then begin investing!
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You can work your butt off click here for info to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them require a lot of work.
Passive income is money you make from a product or an investment where you dont have to do any more work once you set it up. That means consistent cash flow each month if youre working or not.
Thats the only true way to financial freedom. Passive income is the only way that you will be free of worrying about money and the only way you will ever reach financial independence.
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Im going to share my seven popular passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands a month you can count on.
If you want more great videos on making money and making your money work for you, dont forget to register to this YouTube channel. Its free and were growing a great community. Subscribe and Join the Community.
Im going to begin with the simple passive income thoughts, the ones see here now which you can begin making money on instantly and will operate through into the ones youll make the most money on as we go through the list so make sure you stick around to catch those last couple of passive income strategies.