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Since the entrepreneur has prepared the content, they all need to do is watch the money roll in (obviously, only after theyve gained a following and marketed the hell out of these )!
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 products is an age-old source of income, but is it passive income it might 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 merchandise vendors and earn a return on their clients purchases are another source of passive income. Like any other sort of passive income, should you invest up-front (by recruiting faithful clients ), the long-term rewards can be huge!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get a percentage of the sale when someone clicks from your site to buy it. If your website gets a lot of traffic, you could earn a pretty 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 when 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 your corporate occupation would be, no matter how hard you work, no matter how fantastic you are in your work, no matter how much extra time you log, there will always be a limit to your incomethats why the term 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 phrases 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 big differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
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First, lets have a peek 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 get after a purchase. 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 find this film or book. They only write the movie 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 job.
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Residual 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 people use to earn residual income:
-Selling products online: This is one of the most common ways to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.
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-MLM Network Marketing: With MLM network marketing you will recruit representatives to venture outside and find new customers. You will get paid a percentage for every sale 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 a lot of the groundwork has by lain by the parent company, you might will have to do some work to take advantage of it.
If you can reach the point where you are earning passive or residual income (or both) then you know things are going right.
