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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 by being 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 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 examples.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income streams. Whether you're just starting your business, or you have been running it a while, the sooner you get started thinking about how you're going to shift your business design to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two main kinds 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 gets a commission annually 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 produces a movie and sells it at the gym at which she's teaches.A marketing consultant who creates a workbook and sells it 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 buys one of his images. .
There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the same customers or the earnings of a product to new clients. It may necessitate no personal involvement whatsoever, such as an e-book sold on a web site, or it may need some personal interaction, such as the insurance agent calling the client to remind them about their renewal.
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Note that this is different from recurring income that might still need your involvement to earn the income. By way of example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local like this school board has recurring income, but it comes from recurring work which limits on your earning capacity based on your own personal production capacity. .
This leverages the work of different people to create income for you. A Few 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 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 are making money off of other people's labor, rather than mainly your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
This type of income requires your direct 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's 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 such as state getting a project or selling belongings.