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Since the entrepreneur has already prepared the content, they all 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 age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
Obviously, the selling of manufactured products 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 product sales are:
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Product Distribution: Companies that enable individuals to become product distributors and earn a return on their customers buys are another source of passive income. Like any other sort of passive income, if you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys goods or services on your site, and you get a percentage of their selling when someone clicks from your site to purchase it. If your site gets lots of traffic, then you can earn a 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 if youre sick, traveling, or dont feel like working, the money youre your passive income source(s) continues to roll in.
The thing about earning money from a 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 limitation to your incomethats the word salary cap exists.
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Unlike your company salary, passive income has no limits. Want to earn 7 figures Then start investing!
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In part three of the series we'll discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto part of the Residual Income Series. .
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First, lets take a look at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be involved with all the money they are making.
Residual income includes payments you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which permits you to continue to create money from your work.
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Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods individuals use to earn residual income:
-Selling goods online: Website This is one of the most common ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will allow you to continue to create money after the initial sale.
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-MLM Network Marketing: With MLM network marketing you'll recruit representatives to venture outside and find new clients. You will get paid a percentage for each sale that they make, which permits you to make residual income even after the recruitment is finished.
-Affiliate Programs: Affiliate programs often fall in between passive and residual income. Although a lot of the groundwork has by lain from the parent company, you might will need to do some job to take advantage of it.
If you can get to the point at which you are earning either passive or residual income (or both) then you know things are going right.
