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If 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 is going to be a limitation 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 some time, the sooner you get started 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 main kinds of passive income and a third sort of income which, although not passive, still is a key approach for earning more and working less.
An insurance Bonuses agent who gets a commission every year when a client renews his policy.A network marketing or direct sales rep's income from her guide customers when they reorder product every month.An aerobics instructor that produces a video and sells it in the gyms where she teaches.A marketing consultant who creates a workbook and sells it all in e-book arrangement on the Internet.A photographer who makes his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his images. .
There are many different strategies to generate residual income over a wide array of businesses. It may be recurring income by the same customers or the sales of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a website, 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 your income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that restricts on your earning ability 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 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 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 are making money from 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's even better.
This sort of income requires your direct participation, but you can make 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's 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 kinds of income such as state getting a job or selling belongings.