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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 era, 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 through product sales are:
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Product Distribution: Companies that enable individuals to become product vendors and earn a return on their clients purchases are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting loyal customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your website, 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 from affiliate links!
That is 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 would be, no matter how hard you work, no matter how fantastic you are at your work, no matter how much extra time you log, there will always be a limitation to your incomethats the word salary cap exists.
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Unlike your company salary, passive income has no limitations. 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. Both of these 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.Before I move onto a part of the Residual Income Series. .
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First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be involved with the money that they are making.
Residual income includes payments that you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets for a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your work.
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Earning income can eventually turn into passive income with time, since 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 people use to earn residual income:
-Selling products online: This is one of the most common methods to earn residual income. It usually involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.
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-MLM Network Marketing: Using MLM network marketing you will recruit representatives to go outside and find new clients. You will get paid a percentage for every sale that they make, which allows you to make residual income even after the recruitment is finished.
-Affiliate Programs: Affiliate programs often fall in between passive and residual income. Although much of the groundwork has by lain from the parent company, you might will have to do some work to take advantage of it.
If you can get to the point where you are earning either passive or residual income (or both) then you know things are going right.
