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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 from being directly involved in doing the work that generates income, there's always 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to start creating passive income streams. Whether you are just starting your business, or you've been running it a while, the sooner you get started thinking about how you're 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 also a third type 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 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 who creates a movie and sells it in the gym at which she's teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who earns his photographs available via a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his images. .
There are many different strategies to generate residual income about his over a huge variety of businesses. It may be recurring income from the same clients or the earnings of a product to new customers. It may necessitate no personal involvement in any respect, such as an e-book sold on a website, or it may require some personal interaction, like the insurance agent calling the client to remind them regarding their renewal.
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Note that this is different from recurring income which may still require your involvement to earn your income. For instance, a coach or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, however it comes from recurring work that 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 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 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 labor, rather than mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that's even better.
This sort 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, 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 like say getting a project or selling belongings.