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If 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 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're just starting your business, or you have been running it a while, the sooner you start thinking about how you're 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, 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 guide clients when they reorder merchandise every month.An about his aerobics instructor that produces a video and sells it at the gym at which she teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who earns his photographs available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .

There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income from the very same customers or the earnings of a product to new customers. It may necessitate no personal involvement whatsoever, like an e-book offered on a web site, or it may require some personal interaction, such as 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 require your involvement to earn your income. For 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, but it comes in recurring work which restricts on your earning capacity based anonymous on your own personal production ability. .

This leverages the work of different people to make income for you. Some examples of leveraged income include:

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An e-book writer selling her e-book through affiliates who promote the product.A network marketer who builds 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 supreme leveraged income). .

Again, there are many different models in many different businesses. The key is that you're making money off of other people's labour, 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 the original source a one-time event, such as:

Although these need your immediate participation, your earning potential is a lot higher than when someone was paying you an immediate hourly fee. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional cost, and staffing prices and have a nice chunk of change left over. .

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When it comes to making money and earning an income, just like most things I think it is important that you first attempt to educate yourself about your options and what they really mean. For most people when they think income they think of linear kinds of income such as state getting a job or selling belongings.