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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 job that generates income, there's 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 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 are going to change 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 also a third type of income which, while not passive, nevertheless is an integral strategy 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 guide customers when they reorder product every month.An aerobics instructor that produces a movie and sells it at the gym at which she's teaches.A marketing consultant who creates a workbook and sells it in e-book arrangement on the Internet.A photographer who earns his photos available through 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 across a huge array of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it may require some personal interaction, such as the insurance agent calling the customer to remind them about 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 secretary who delivers lunch each Monday to 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 different folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates who promote the product.A network marketer that builds a downline and receives commissions on the sales top article 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 models 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 may or may not be residual income. When you combine them, that's even better.
This type of income requires your immediate 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 is 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 kinds of income like say getting a job or selling belongings.