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In case you don't want to continue working 50 or more hours each 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 work that generates income, there's always going to be a limitation to 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's important to start 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're going to change your business design to create more passive income, the sooner you can attain personal and financial freedom. .
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There are two main kinds of passive income and a third sort of income that, 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 product every month.An aerobics instructor that produces a movie and sells it at the gym at which she teaches.A marketing consultant who produces a workbook and sells it in e-book arrangement on the Internet.A photographer who makes his photographs available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his images. .
There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income from the very same clients or the sales of a product to new customers. It could require no personal involvement in any respect, like an e-book sold on a web site, or it may need some personal interaction, such as 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 need your involvement to earn the income. For example, a coach click this site or consultant on a monthly retainer, or a secretary who delivers lunch each Monday into the local school board has recurring income, however it comes in recurring work which restricts on your earning capacity based on your own personal production capacity. .
This frees the work of other people to make income for you. A Few Examples of leveraged income include:
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An e-book author 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 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 off of other people's labour, rather than primarily your own. Note that leveraged income might or might not also 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 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.