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In case 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 is always going to be a limit to 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income streams. Whether you are just starting your business, or you've been running it some time, the sooner you start thinking about how you are going to change your business model to create more passive income, the sooner you can attain personal and financial freedom. .
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There are two main kinds of passive income and also a third sort of income that, although not passive, nevertheless is a key approach for earning more and working less.
An insurance agent who gets a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her guide customers when they reorder merchandise every month.An aerobics instructor that produces a video and sells it in the gyms where she 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 via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his images. .
There are many different ways to generate residual income over a helpful resources huge array of businesses. It may be recurring income from the same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, like an e-book offered on a web site, 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 require your involvement to earn the income. For example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that restricts on your earning ability based on your own personal production ability. .
This frees the work of other people to make income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through associates that 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 check out here done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different models 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 type 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 really mean. For many people when they think income they think of linear types of income like say getting a project or selling belongings.