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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 involved in doing the work that generates income, there's going to be a limit 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 is important to begin creating passive income streams. Whether you're just starting your business, or you have been running it some time, the sooner you start thinking about how you're going to change 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 which, while not passive, nevertheless is an integral strategy for earning more and working less.

An insurance agent who receives a commission every year when a customer 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 in 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 buys one of his pictures. .

There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the same clients or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book sold on a website, 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 which may still require your involvement to earn your income. By way of example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production ability. .

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 writer selling her e-book through associates that promote the product.A network marketer that assembles a downline and receives commissions on the sales generated by people in Going Here his downline.A general contractor who makes a profit margin on the job done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .

Again, there are many different versions in many different businesses. The key is that you're making money off of 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's 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, such as:

Although these require your direct participation, your earning potential is much higher than if someone was paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing fees 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's important that you first attempt 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 such as state getting a project or selling belongings.