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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 directly involved in doing the work that generates income, there is always going to be a limit to just 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 are 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 design to create more passive income, the sooner you can attain personal and financial freedom. .
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There are two main kinds of passive income and a third type of income that, although not passive, still is a key strategy for earning more and working less.
An insurance agent who gets a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor who creates a video and sells it in the gyms where she teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who makes his photos available through a stock photography clearinghouse and has paid a royalty whenever someone buys one of his pictures. .
There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income from the same customers or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, like an e-book offered on a website, or it may need some personal interaction, such as the insurance agent calling the customer 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 mentor or consultant on a monthly retainer, or a secretary who delivers lunch every 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 other folks to make income for you. Some examples of leveraged income include:
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An image source e-book author 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 supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you're making money off of 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 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, just like most things I think it's important that you first attempt 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.