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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 directly involved in doing the job that generates income, there is going to be a limit 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 is important to begin creating passive income flows. Whether you are just starting your business, or you have been running it a while, the sooner you start thinking about how you are 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 main kinds of passive income and a third sort of income which, while not passive, still is an integral strategy for earning more and working less.

An insurance agent who gets a commission every year when a customer 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 who creates a video and sells it at 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 through a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his pictures. .

There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the very same clients or the sales of a product to new clients. It may require no personal involvement in any respect, like an e-book offered on a web site, or it can require 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 secretary who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production capacity. .

This frees the work of different people 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 generated by people in his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .

Again, there are many different versions in many different businesses. The key is that you are making money from other people's labor, rather than mainly your own. Note that leveraged income may or may 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 click to investigate money by having more people involved. This generally involves a one-time event, such as:

Although these require your immediate participation, your earning potential is much greater than if someone was just paying you a direct hourly rate. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, promotional cost, and staffing prices and have a nice chunk of change left over. .

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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 project or selling belongings.