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If 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 involved in doing the job that generates income, there's always going to be a limitation 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 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've been running it a while, 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 sort of income which, while not passive, still is a key strategy for earning more and working less.

An insurance agent who gets a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her direct customers when they reorder product every month.An aerobics instructor who produces a video and sells it at the gyms where she teaches.A marketing visit the site consultant who creates a workbook and sells it 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 images. .

There are many different ways to generate residual income over a huge array of businesses. It may be recurring income from the same customers or the sales of a product to new customers. It could necessitate no personal involvement in any respect, like an e-book sold on a website, or it may 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 that might still need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, but it comes from recurring work that limits on your earning capacity based on your own personal production ability. .

This frees the work of other people 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 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 supreme leveraged income). .

Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labour, rather than mainly your own. Note that leveraged income may or may not also 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, for example:

Although these require your immediate participation, your earning potential is much greater than when someone was just paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, 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, as with most things I think it's important that you first try to educate yourself about your options and what they really mean. For many people when they think income they think of linear kinds of income like say getting a job or selling belongings.