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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 directly involved in doing the job that generates income, there is 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 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 are just starting your business, or you've been running it some time, the sooner you start thinking about how you are going to shift 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, although 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 customers when they reorder merchandise every month.An aerobics instructor that creates a movie and sells it at the gym at which 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 photographs available via 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 over a huge variety of businesses. It may be recurring income by the very same customers or the sales of a product to new customers. It may require no personal involvement whatsoever, like an e-book offered on a web site, or it can 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 still check it out require your involvement to earn your 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 from recurring work which restricts on your earning capacity based on your own personal production ability. .
This frees the work of other 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 who promote the product.A network marketer who 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 models 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 might or might not also be residual income. When you combine them, that is even better.
This sort of income requires your immediate participation, but you can make more money by check my blog 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 try 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 like say getting a job or selling belongings.