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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 involved in doing the job that generates income, there is always going to be a limit to just how much you can earn, and it can increase only very slowly. .
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 is important to begin creating passive income flows. Whether you're just starting your business, or you've been running it some time, the sooner you get started thinking about how you are going to shift your business design to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two basic types of passive income and also a third sort of income that, although not passive, still is an integral approach for earning more and working less.
An insurance agent who receives a commission every year when a client renews his policy.A network marketing or direct sales rep's income from her direct clients when they reorder product every month.An aerobics instructor who produces a movie and sells it in the gyms where she's teaches.A marketing consultant who produces a workbook and sells it all in e-book format on the Internet.A photographer who makes his photos available through a stock photography clearinghouse and has paid a royalty whenever someone buys one of his images. .
There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income from the very same clients or the sales of a product to new clients. It could require no personal involvement whatsoever, like an e-book offered on a website, or it can require some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.
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Note that this is different from recurring income which may still need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production ability. .
This leverages the work of other 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 affiliates that promote the product.A network marketer that assembles 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 models in many different businesses. The key is that you are making money off of other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that's 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's important that you first attempt 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 project or selling belongings.