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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 marketed 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 goods 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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Item Distribution: Companies that enable individuals to become merchandise vendors and earn a return on their customers buys are another source of passive income. As with any other sort of passive income, should you invest up-front (by recruiting faithful customers), the long-term rewards can be enormous!
Affiliate Programs: As an affiliate, you market a companys goods or services on your site, and you receive a percentage of their sale when someone clicks from your site to purchase it. If your site gets lots of traffic, you could earn a pretty penny from affiliate links!
That 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 in your job, no matter how much extra time you log, there'll always be a limit to your incomethats the word salary limit exists.
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In part three of this series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .
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First, lets have a look at what passive income is. Passive income basically includes any money that you earn without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not need to be involved with all the money they are making.
Residual income includes payments you will receive after a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets to get a movie or book. They only write the movie 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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Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods individuals use to earn residual income:
-Selling products online: This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month or 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'll recruit representatives to venture out 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 much of the groundwork has by lain from the parent company, you might will have to do some job to take advantage of it.
If you can get to the point where you're earning passive or residual income (or both) then you know things are going right.
