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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 from being directly involved in doing the job that generates income, there's always going to be a limitation 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 is important to start 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 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 every year when a client 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 creates a video and sells it in the gyms where she's teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who makes his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his pictures. .
There are many different ways to generate residual income over a huge array of businesses. It might be recurring income from the very same customers or the sales of a product to new customers. It could 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 about their renewal.
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Note that this is different from recurring income which may 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, however it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other folks to make income for you. Some examples of leveraged income include:
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An e-book writer selling her e-book through affiliates who promote the product.A network marketer that 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 supreme 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 might or might not 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, for example:
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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. Learn More Here For many people when they think income they think of linear kinds of income such as say getting a project or selling belongings.