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If you don't want to continue working 50 or more hours each week for the rest of your life, consider building your sources of passive income. Until you can remove yourself from being directly involved in doing the work that generates income, there's going to be a limit to just how much you can earn, and it can increase only very gradually. .
Passive income, on the other hand, is income that does not require your direct involvement. Rental properties, royalties on an invention or creative work, and network marketing are common examples.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income streams. Whether you're just starting your business, or you have been running it some time, the sooner you get started thinking about how you are going to change your business model to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two main kinds of passive income and a third type of income that, while not passive, nevertheless is an integral strategy for earning more and working less.
An insurance agent who receives a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor that produces a video and sells it in the gym at which she's teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who makes his photographs available via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his pictures. .
There are many different ways to generate residual income over a wide array of businesses. It might be recurring income by the very same clients or the sales of a product to new clients. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it may need some personal interaction, such as the insurance agent calling the client to remind read review them about their renewal.
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Note that this is different from recurring income which may still require your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning ability based on your own personal production ability. .
This frees the work of different folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates that promote the product.A network marketer that builds a downline and receives commissions on the sales made by people in his downline.A general contractor who makes a profit margin on the work done by subcontractors.Franchising your business model to other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
This type of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
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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 really mean. For most people when they think income they think of linear kinds of income like say getting a job or selling belongings.