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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 directly involved in doing the job that generates income, there's going to be a limit 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income flows. Whether you're just starting your business, or you've been running it some time, the sooner you start thinking about how you are going to change your business design 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 which, while not passive, still is a key strategy for earning more and working less.
An insurance agent who receives a commission every year when a client renews his policy.A network marketing or direct sales rep's income from her direct clients when they reorder merchandise every month.An aerobics instructor that creates a video and sells it in the gyms where she teaches.A marketing consultant who produces a workbook and sells it 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 images. .
There are many different strategies to generate residual income across a wide array 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 whatsoever, such as an e-book sold on a web site, or it may require some personal interaction, like the insurance agent calling the customer to remind them about their renewal.
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Note that this is different from recurring income that might view it still require your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local here school board has recurring income, however it comes from recurring work which restricts on your earning ability based on your own personal production ability. .
This frees the work of other 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 affiliates that promote the product.A network marketer who builds 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 to other entrepreneurs (the ultimate 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 mainly your own. Note that leveraged income may or may not be residual income. When you combine them, that is even better.
This type of income requires your immediate participation, but you can make 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, as with most things I think it's 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 types of income such as state getting a project or selling belongings.