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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 perform to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably curious about passive incomeand the way 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 get from a real estate propertyresidential or business. Yes, the property needs to be maintained, but the earnings still flow in every month.
Book sales: Royalties an author receives for writing a book. Generally, they have paid a percentage of the retail or net cost of every publication soldin perpetuity.
In each of these circumstances, 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 their expertise by means of 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 after theyve gained a following and promoted the hell out of themselves)!
In the digital era, 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 merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients buys are another source of passive income. As with any other type of passive income, if you invest up-front (by recruiting faithful customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your website, and you receive a percentage of the sale when someone clicks from your site to buy it. If your website gets lots of traffic, you could earn a penny out of affiliate links!
This is exactly what dreams are made of. Youre making company website 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 would be, no matter how hard you work, no matter how fantastic you're in your job, no matter how much additional time you log, there'll always be a limitation to your incomethats why the word salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn seven figures Then start investing!
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You can work your butt off 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 out of a solution or an investment where you dont need to do any more work once 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 favorite passive income resources, income flows I use to make money every month. Now Im not going to additional info sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which you can begin making money on immediately and will operate through to the ones youll make the maximum money on as we go through the listing so make sure to stick around to grab those last couple of passive income strategies.