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In case 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 involved in doing the job that generates income, there's 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 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've been running it a while, the sooner you get started thinking about how you're going to change your business model to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two basic types of passive income and a third type of income that, although 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 customers when they reorder product every month.An aerobics instructor that produces a video and sells it in the gym at which she's teaches.A marketing consultant who creates a workbook and sells it all in e-book arrangement 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 pictures. .
There are many different ways to generate residual income over a wide array of businesses. It may be recurring income from the very same clients or the sales of a product to new customers. It could require no personal involvement in any respect, like an e-book sold on a like this website, or it may need some personal interaction, like 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 require your involvement to earn your income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other folks to make income for you. A Few Examples of leveraged income include:
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An e-book writer selling her e-book through associates who promote the product.A network marketer who assembles a downline and receives commissions on the sales generated 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 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 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 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 such as state getting a job or selling belongings.