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If you don't want to continue working 50 or more hours per 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's 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 examples.
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 change your business design 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 also a third type of income that, although not passive, still is a key approach for earning more and working less.
An insurance agent who receives a commission annually when a customer 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 format on the Internet.A photographer who earns his photos available via 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 wide array of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold 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 need your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes in recurring work which restricts on your earning ability based on your own personal production capacity. .
This frees the work of different people to make 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 that assembles 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 versions in many different businesses. The key is that you are making money from other people's labour, rather than mainly your own. Note that her response leveraged income may or may not also be residual income. When you combine them, that is 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's 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 say getting a project or selling belongings.