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2. Network marketing which requires one to venture out and get customers or find representatives to have customers, from that you earn commissions each month is a residual means to make income.Affiliate programs fall somewhere between the two. Occasionally they will take very little 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 fantastic ways to supplement your income or raise the level of your lifestyle. With research, practice, and a little bit of good fortune, 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 is important that you first attempt to educate yourself about your options and what they truly mean. For many people when they think income they think of linear kinds of income like say 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 taught in regard to 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 element for ones long term financial success. Residual income is basically being able to earn money from some kind of work or investment you have done once and continually get paid for this. A quick example is to say an actor who stars on a favorite sitcom where he/she gets paid a certain amount to work on one incident.

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 that one time attempt. Im fairly positive that most folks reading this have subscribed to some kind of Internet access service to do so.

Passive income is a little trickier as important source many people describe it as nearly precisely the same thing as residual income. I personally describe passive income as at which you continually generate money from a source/investment which does not need direct involvement in yourself. So an example could be state a business I initially started and now I have all of the necessary talent and construction in place the business is self functional where I dont even need to be there for it to continually expand into new places and generate revenue.

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