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In case you don't want to continue working 50 or more hours per week for the rest of your life, consider building your sources of passive income. Until you can remove yourself from being involved in doing the job that generates income, there is going to be a limitation to 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it is 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 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 basic types of passive income and also a third type of income that, while not passive, still 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 clients when they reorder product every month.An aerobics instructor that creates a video and sells it in the gym at which she's teaches.A marketing consultant who creates a workbook and sells it 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 buys one of his pictures. .
There are many different ways to generate residual income across a wide array of businesses. It might be recurring income by the same customers or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, like an e-book sold on a web site, or it can require some personal interaction, such as the insurance agent calling the client 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 your income. By way of example, a mentor 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 in recurring work that restricts on your earning ability based on your own personal production ability. .
This leverages the work of other people to create income for you. A Few 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 assembles a downline and receives commissions great post to read 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 are 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 is like it 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 many people when they think income they think of linear kinds of income such as say getting a job or selling belongings.