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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 by being directly involved in doing the job that generates income, there's always going to be a limitation to 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 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 some time, the sooner you get started thinking about how you are going to change your business model 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 a third sort of income which, while not passive, still is a key strategy for earning more and working less.
An insurance agent who gets a commission every year 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 creates a video and sells it at the gyms where she's teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who makes his photos available through 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 across a wide array of businesses. It might be recurring income by the same customers or the earnings of a product to new clients. It could necessitate no personal involvement in any respect, like an e-book sold on a web site, or it can require some personal interaction, such as the insurance agent calling the customer to remind them next regarding 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 instance, a mentor 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 from recurring work which limits on your earning ability based on your own personal production ability. .
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 author selling her e-book through associates 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 supreme leveraged income). .
Again, there are many different models in many different businesses. The key is that you're 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 more 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, for example:
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When it comes to making money and earning an income, as with most things I think it's important that you first attempt to educate yourself about your options and what they really mean. For most people when they think income they think of linear kinds of income like state getting a project or selling belongings.