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If 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 job that generates income, there is always going to be a limit 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 examples.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income flows. Whether you're just starting your business, or you have been running it some time, the sooner you start thinking about how you are 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 basic types of passive income and a third type of income which, although not passive, nevertheless is a key approach for earning more and working less.
An insurance agent who receives a commission every year when a customer renews his policy.A network marketing or direct sales rep's income from her direct my blog clients when they reorder merchandise every month.An aerobics instructor that creates 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 earns his photographs 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 across a wide array of businesses. It might be recurring income by the very same clients or the sales of a product to new customers. It could necessitate no personal involvement in any respect, such as an e-book offered on a website, or it may require some personal interaction, like the insurance agent calling the customer 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. For example, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work which limits on your earning capacity based on your own personal production ability. .
This leverages the work of other people to create income for you. Some 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 assembles 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're making money from other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that's 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 attempt to educate yourself about your options and what they truly mean. For many people when they think income they think of linear types of income such as state getting a project or selling belongings.