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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 by being involved in doing the job that generates income, there's 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'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 get started thinking about how you are going to shift your business model to create more passive income, the sooner you can attain personal and financial freedom. .
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There are two basic types of passive income and a third type of income that, while not passive, still is an integral strategy for earning more and working less.
An insurance agent who receives a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder product every month.An aerobics instructor that produces a video and sells it at the gym at which she's teaches.A marketing consultant who produces a workbook and sells it all in e-book format on the Internet.A photographer who earns his photographs available through a stock photography clearinghouse and gets 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 by the very same clients or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book sold 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 that might still require 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, but it comes in recurring work that limits on your earning capacity based on your own personal production capacity. .
This frees the work of other folks to create income for you. A Few Examples of leveraged income include:
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An Your Domain Name e-book writer selling her e-book through affiliates who promote the product.A network marketer who builds a downline and receives commissions on the sales generated by people in his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model into other entrepreneurs (the supreme 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's even better.
This sort of income requires your immediate 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, 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 types of income like state getting a project or selling belongings.