How to Identify the Right Online Business Opportunity For You

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Passive income is also known as residual income, royalty 60 Minute Profit Plan Review   income, and ongoing income. It is revenue that is worked for once and only once. This stream of income continues to flow as long as the means used to create it continues to operate.For example, imagine that someone wrote a book. Every time a copy of the book is sold, the author gets a percentage of each sale. This revenue continues to flow in for as long as the book continues to sell-for the rest of his life. The author worked once, but continually gets paid for work he did in the past. If the amount of passive revenue exceeds his living expenses, then he has achieved true financial freedom.

Compare this to active income, which requires a person to continue doing work in order to continue getting paid. This type of income is always limited by time. Active income requires people to trade their time for money. Hence, if they do not show up, they do not get paid. Whereas, passive income is not dependent on a person's time once it is flowing. In both cases, work is still required, but passive income does not require an ongoing commitment of time or effort once the revenue begins to flow.

In order to create this type of income, there are three things a person must absolutely have a vehicle, an education, and an open mind. The vehicle is the method or system that will be utilized, the education is learning about the concept of leverage, and the open mind allows that information to be accepted. There are many different types of vehicles to achieve passive income royalties from sales of books or music, affiliate marketing, network marketing, and many others.

Armed with this understanding, which income type would you choose Active or passiveBill Girimonti is a long-time IT professional, entrepreneur and business mentor with a passion for helping others to succeed.Magnetic Networking Is Relationship Building Although I have written about the dangers of online forums, I haven't told you about the benefits of joining online forums. A matter I am about to correct.

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