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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 involved in doing the work 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's important to start creating passive income streams. Whether you're just starting your business, or you've 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 also a third type of income which, while not passive, still is a key strategy for earning more and working less.
An insurance agent who gets a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her direct clients 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 produces a workbook and sells it all recommended you read in e-book format on the Internet.A photographer who earns his photos available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his images. .
There are many different strategies to generate residual income over a wide variety 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 in any respect, such as an e-book offered on a website, or it may need some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
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Note that this is different from recurring income that might still need your involvement to earn the income. For example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, but it comes from recurring work which restricts on your earning ability based on your own personal production ability. .
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 associates who promote the product.A network marketer who 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 ultimate leveraged income). .
Again, there are many different versions 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 state getting a job or selling belongings.