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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 by 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it is important to begin creating passive income flows. Whether you're just starting your business, or you've been running it a while, the sooner you start 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 main kinds of passive income and a third sort of income which, while not passive, nevertheless is a key strategy 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 produces a video and sells it in the gym at which she teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who makes his photographs her explanation 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 might be recurring income from the same customers or the sales of a product to new clients. It may necessitate no personal involvement in any respect, 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 about their renewal.
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Note that this is different from recurring income which may still require your involvement to earn the income. By way of example, a coach 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 which limits on your earning ability based on your own personal production ability. .
This frees the work of other people 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 affiliates who promote the product.A network marketer that 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 into 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 primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that's even better.
This sort of income requires your immediate participation, but you can earn 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, just like most things I think it is important that you first try 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 project or selling belongings.