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If you don't want to continue working 50 or more hours per week for the remainder of your life, consider building your sources of passive income. Until you can remove yourself from 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to start creating passive income flows. Whether you're just starting your business, or you have been running it a while, the sooner you get started thinking about how you are going to shift your business model 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 which, although not passive, still is an integral strategy for earning more and working less.
An insurance agent who receives a commission every year when a client renews his policy.A network marketing or direct sales rep's income from her direct customers when they reorder merchandise every month.An aerobics instructor who creates a video and sells it in the gym at which she teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who earns his photos available via a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his pictures. .
There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the very same customers or the earnings of a product to new customers. It may require no personal involvement whatsoever, like an e-book offered on a web site, or it may need some personal interaction, review 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 require your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring work that limits on your earning ability based on your own personal production ability. .
This leverages the work of different people to make income for you. Some 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 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 into other entrepreneurs (the ultimate 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 labour, rather than primarily 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, 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 many people when they think income they think of linear types of income like say getting a project or selling belongings.