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If you don't want to continue working 50 or more hours each week for the remainder of your life, consider building your sources of passive income. Until you can remove yourself from being directly involved in doing the job that generates income, there is going to be a limit to 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income flows. Whether you're just starting your business, or you have been running it some time, the sooner you start thinking about how you are going to change 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 type of income which, although not passive, still 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 direct customers when they reorder merchandise every month.An aerobics instructor who produces a video and sells it at the gyms where she teaches.A marketing consultant who creates a workbook and sells it view it now all in e-book arrangement on the Internet.A photographer who earns his photos available via a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .
There are many different ways to generate residual income across a wide variety of businesses. It might be recurring income by the very same clients or the sales of a product to new customers. It may require no personal involvement in any respect, such as an e-book sold on a web site, or it may need some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
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Note that this is different from recurring income that might still require your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, but it comes in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other people to create income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through associates who promote the product.A network marketer who 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 primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.
This type of income requires your direct participation, but you can earn 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, as with most things I think it is important that you first try 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 such as say getting a job or selling belongings.