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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 from being involved in doing the work that generates income, there's always going to be a limitation 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's important to start creating passive income streams. Whether you're just starting your business, or you've been running it some time, the sooner you get started thinking about how you're 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 also a third sort of income that, while not passive, nevertheless is an integral 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 direct clients when they reorder product every month.An aerobics instructor that produces a movie and sells it in the gym at which she 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 via 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 across a wide variety of businesses. It may be recurring income by the same customers or the earnings of a product Learn More Here to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a web site, or it may need some personal interaction, like the insurance agent calling the customer to remind them about their renewal.
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Note that this is different from recurring income that might still require your involvement to earn your 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 from recurring work which limits on your earning ability based on your own personal production ability. .
This frees the work of different folks to create 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 assembles a downline and receives commissions 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 supreme leveraged income). .
Again, there are many different versions 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 also be residual income. When you combine them, that is 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, just like 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.