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In case 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 is 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it is important to start creating passive income streams. Whether you're just starting your business, or you have been running it a while, the sooner you start thinking about how you're going to shift your business model 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 a third type of income which, while not passive, still is a key 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 guide clients when they reorder product every month.An aerobics instructor who produces a video and sells it at the gyms where she teaches.A marketing consultant who produces a workbook and sells it in e-book arrangement on the Internet.A photographer who makes his photos available via a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his images. .
There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income by the very same customers or the earnings of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may need some personal interaction, such as the insurance agent calling the customer to remind 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 caterer who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work that limits on your earning ability based on your own personal production capacity. .
This frees the work of different folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through affiliates that promote the product.A network marketer informative post that 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 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 also be residual income. When you combine them, that is even better.
This sort of income requires your immediate 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 truly mean. For most people when they think income they think of linear types of income like state getting a job or selling belongings.