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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 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 examples.
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 a while, the sooner you get started thinking about how you are going to shift your business model to create more passive income, the sooner you can achieve personal and financial freedom. .
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There are two main kinds of passive income and also a third type of income that, although not passive, still is an integral strategy for earning more and working less.
An insurance agent who receives a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her direct customers when they reorder product every find this month.An aerobics instructor that produces a video and sells it in the gym at which she's teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who earns his photos available through 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 over a huge array of businesses. It may be recurring income by the same customers or the earnings of a product to new customers. It could necessitate no personal involvement whatsoever, such as an e-book sold on a website, or it may need 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 that might still require your involvement to earn your income. For instance, a mentor or consultant my link on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of other folks to create income for you. A Few 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 that 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labour, rather than mainly your own. Note that leveraged income might or might not 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, 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 many people when they think income they think of linear kinds of income such as say getting over here a project or selling belongings.