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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 known as disposable income, residual income isnt actually 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 the way 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 get from a property propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a book. Generally, they get paid a percentage of the retail or net price of every publication soldin perpetuity.
In all of these circumstances, your one-time investment consistently provides you with 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 like e-books, how-to guides, or online classes. Essentially, the entrepreneur sells his/her expertise by means of these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the experts knowledge.
Since the entrepreneur has prepared the content, all they 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 electronic 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 products or products is an age-old source of income, but can it be passive income it might be, depending on the business model. Some of the most common sources of passive income through product sales are:
Product Distribution: Companies that enable individuals to become product vendors and earn a return on their customers buys are another source of passive income. As with any other sort of passive income, if you invest up-front (by recruiting faithful clients ), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you receive a percentage of their selling when someone clicks from your site to purchase it. If your site gets a lot of traffic, you can earn a penny out of affiliate links!
This is what dreams are made of. 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 your corporate job would be, no matter how hard you work, no matter how fantastic you're in your work, no matter how much additional time you log, there will 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 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 require a lot of work.
Passive income is money you make from a product or an investment in which 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.
Thats the only true way to financial freedom. Passive income is the only way that you will be free from worrying about money and the only way you will ever achieve financial independence.
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Im going to share my link my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands a month you can count on.
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Im going to start with the easy passive income ideas, the ones you can start making money on immediately and will work through into the ones youll create the most money on as we proceed through the listing so be sure to stick around to catch those last few passive income strategies.