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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 guide, 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 shares 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, but the earnings still stream in each month.
Book sales: Royalties an author receives for writing a novel. Generally, they get paid a percentage of the retail or net price of every book soldin perpetuity.
In each these cases, your one-time investment consistently offers you 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 classes. Essentially, the entrepreneur sells their expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain entry to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, 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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Of course, 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:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their customers purchases 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 market 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 lots of traffic, then you could earn a penny from 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 occupation would be, no matter how hard you work, no matter how fantastic you are at your work, no matter how much additional time you log, then there'll always be a limitation to your incomethats the term 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 some of them require a lot of work.
Passive income is money you earn out of a solution or an investment in which you dont need to do any more work after you put this up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven favorite passive income sources, income streams I use to make money every month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.
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Im going to begin with the simple passive income thoughts, the ones you can begin making money on immediately and will work through into the ones youll make the maximum money on as we go through the list so be sure you stick around to grab those last couple of passive income plans.