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

No matter which road you choose, both passive and residual income are great means to supplement your income or increase the level of your lifestyle. With study, practice, and a little bit of good luck, you can make a good 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 really mean. For many people when they think income they think of linear types of income like state getting a project or selling belongings.

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It normally 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 kinds of income they just give you a blank stare. .

Residual income is in my opinion an important factor for ones long term financial success. Residual income is basically being able to earn money out of some type of job or investment you have done once and continually get paid for it. A fast example would be say an actor who stars on a favorite sitcom where he/she has paid a certain amount to operate on one episode.

Another way to plant the notion of residual income is to think of all of the things which you continuously pay for and how companies earn money off you with this one time effort. Im fairly positive that many people reading this have subscribed to a kind of Internet access service to do so.

Passive income is a little trickier as many men and women describe it as almost exactly the exact same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not need direct involvement from yourself. So an example could be state a business that I initially started and now I have all of the necessary talent and structure in place the business itself functional in which I dont even need to be there for it to continually expand into new areas and generate revenue.

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