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2. Network marketing which requires you to go out and get customers or find representatives to get customers, from which you earn commissions every month is a residual way to produce income.Affiliate programs fall somewhere between the two. Sometimes they will take hardly any effort on your part, even from the beginning, so can be considered passive.

No matter which road you choose, both passive and residual income are great means to supplement your income or raise the degree of your lifestyle. With research, practice, and a little bit of good luck, you can make a fantastic amount of money using either. .

When it comes to making money and earning an income, just like most things I think it's important that you first try to educate yourself about your options and what they truly mean. For most people when they think income they think of linear kinds of income like say getting a job or selling belongings.

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It usually stops there for most people as these are the only ways they have been educated in terms of the way to generate money. When you tell them there are different types of income they simply give you a blank stare. .

Residual income is in my opinion an important element for ones long term financial success. Residual income is essentially being able to earn money out of some type of work or investment that you have done once and continually get compensated for this. A fast example is to say an actor who stars on a popular sitcom where he/she gets paid a certain amount to work on one episode.

Another way to plant the idea of residual income is to think of all of the things that you continuously pay for and how companies make money off you with that one time effort. Im pretty positive that most people reading this have subscribed to some kind of Internet access service to do so.

Passive income is a little trickier as many people describe it look at here as almost exactly the same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment which does not require direct involvement in yourself. So an example might be state a business I initially begun and now that I have all of the necessary talent and structure in place the business is self functional where I dont even have to be there for it to continually expand into new places and generate revenue.

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There are most likely a bunch of different definitions for of most of these depending on who you speak to, however I think that the important thing is to recognize there are different types of income and the more you teach and understand it in general the greater you'll be in recognizing the different opportunities which are on the market. .