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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 work that generates income, there is going to be a limitation 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 is important to begin creating passive income flows. Whether you are just starting your business, or you've been running it some time, the sooner you start thinking about how you are going to change your business design to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two main kinds of passive income and a third sort of income which, while 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 customers when they reorder product every month.An aerobics instructor that creates a video and sells it at the gyms where she teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who earns his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his images. .
There are many different ways to generate residual income over a huge array of businesses. It may be recurring income from the very same clients or the earnings of a product to new customers. It could necessitate no personal involvement in any respect, such as an e-book sold on a web site, or it may require some personal interaction, like the site insurance agent calling the customer to remind them regarding 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 example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into 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 frees the work of different folks to create income for you. A Few 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 who builds a downline and receives commissions on the sales made 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 models in many different businesses. The key is that you are making here money off of other people's labor, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that is even better.
This sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
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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 most people when they think income they think of linear kinds of income like say getting a job or selling belongings.