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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 involved in doing the job that generates income, there's 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 examples.

If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income flows. Whether you are just starting your business, or you've 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 sort of income which, while 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 direct customers when they reorder merchandise every month.An aerobics instructor that produces a video and sells it in the gyms where she teaches.A marketing consultant who produces a workbook and sells it all in e-book format on the Internet.A photographer who earns his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his images. .

There are many different strategies to generate residual income across a wide array of businesses. It may be recurring income by the same customers or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, such as an e-book try this offered on a web site, or it can require some personal interaction, such as the insurance agent calling the customer to remind them regarding their renewal.

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Note that this is different from recurring income that might still need your involvement to earn your income. For example, 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 that restricts on your earning ability based on your own personal production ability. .

This frees the work of different folks to create 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 that assembles a downline and receives commissions on the sales made 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 ultimate 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 primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that's even better.

This sort 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 when someone was just paying you a direct hourly rate. Fill a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, 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, as with most things I think it's 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 kinds of income like say getting a project or selling belongings.