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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 by being involved in doing the work that generates income, there is going to be a limitation to just 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 cases.
If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income streams. 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 shift your business model 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 also a third sort of income which, although not passive, nevertheless 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 clients when they reorder product every month.An aerobics instructor who creates a movie and sells it at the gyms where she's teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who makes his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his pictures. .
There are many different strategies to generate residual income over a huge array of businesses. It may be recurring income by the same clients or the sales of a product to new clients. It could require no personal involvement in any respect, such as an e-book offered on a web site, or it can need some personal interaction, like the insurance agent calling the client to remind them about their renewal.
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Note that this is different from recurring income that might still need your involvement to earn your income. By way of instance, a coach or consultant 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 which restricts on your earning ability based on your own personal production ability. .
This frees the work of different folks to create income for you. A Few 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 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 to other entrepreneurs (the supreme leveraged income). .
Again, there are many different models in many internet different businesses. The key is that you're making money from other people's labor, rather than primarily 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 direct 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, just like most things I think it's important that you first try 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 say getting a project or selling belongings.