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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 job that generates income, there is going to be a limitation 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 is important to start creating passive income streams. Whether you are just starting your business, or you have been running it a while, the sooner you get started 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 basic types of passive income and a third sort of income that, although not passive, still is an integral strategy for earning more and working less.

An insurance agent who receives a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor who creates a movie and sells it at straight from the source the gym at which she 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 through a stock photography clearinghouse and has paid a royalty whenever someone buys one of his images. .

There are many different strategies to generate residual income over a wide variety of businesses. It might be recurring income by the same customers or the earnings of a product to new clients. It may require no personal involvement in any respect, like an e-book offered on a website, or it may 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 require your involvement to earn your income. By way of example, a Homepage coach 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 from recurring work which limits on your earning capacity based on your own personal production ability. .

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

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An e-book author 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 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 are making money from 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'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, for example:

Though these require your direct participation, your earning potential is a lot higher than if someone was just 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 have a nice chunk of change left over. .

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When it comes to making money and earning an income, as with most things I think it is 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.