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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 job that generates income, there is going to be a limitation to just 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 examples.

If you want to earn more, work less, and have a comfortable retirement, it is important to start creating passive income streams. Whether you're just starting your business, or you have been running it a while, the sooner you get started 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 basic types of passive income and also a third type of income that, while not passive, nevertheless is an integral approach 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 guide customers when they reorder product every month.An aerobics instructor who creates a movie and sells it in the gyms where she 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 has paid a royalty whenever someone purchases one of his images. .

There are many different ways to generate residual income over a huge variety of businesses. It may be recurring income from the very same customers or the earnings of a product to new customers. It could require no personal involvement in any respect, like an e-book sold on a website, or it can need some personal interaction, like the insurance agent calling the customer to remind them regarding their renewal.

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Note that this is different from recurring income which may still need your involvement to earn the income. By way of instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to 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 leverages the work of different folks to create income for you. Some examples of leveraged income include:

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An e-book writer selling her e-book through associates that promote the product.A network marketer that assembles a downline and receives commissions on the sales made 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 is 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:

Although these require your immediate participation, your earning potential is a lot greater than when someone was paying you an immediate hourly fee. Fill in a here room with 1,000 individuals paying $50 each and you can cover your facility cost, promotional cost, and staffing fees 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's important that you first try to educate yourself about your options and what they really mean. For most people when they think income they think of linear types of income such as state getting a job or selling belongings.