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In case 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 is going to be a limitation to 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's important to start creating passive income streams. Whether you're just starting your business, or you have been running it some time, the sooner you start thinking about how you're going to shift 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, nevertheless is a key approach 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 product every month.An aerobics instructor who creates a movie and sells it at the gyms where she's 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 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 huge array of businesses. It might be recurring income from the very same clients or the earnings of a product to new clients. It could necessitate no personal involvement whatsoever, such as an e-book sold on a web site, or it may need some personal interaction, 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 need your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning capacity based on your own personal production capacity. .
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 author selling her e-book through affiliates 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're making money from other people's labour, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that is even better.
This sort of income requires your direct 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, as with most things I think it is 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 types of income such as say getting a project or selling belongings.