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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 by 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 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 is 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 get started thinking about how you are 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 main kinds of passive income and a third type of income which, while not passive, still is a key 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 guide customers when they reorder product 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 arrangement on the Internet.A photographer who makes his photographs available via 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 huge variety of businesses. It might be recurring income by the very same clients or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book offered on a website, or it can need 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 which may still need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that limits on your earning capacity based on your own personal production capacity. .

This frees the work of other folks to make 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 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .

Again, there are many different models in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that is even better.

This type of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:

Although these require your immediate participation, your earning Click Here potential is a lot greater than when someone was just paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing prices and still 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 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 project or selling belongings.