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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 directly 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 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 start creating passive income streams. Whether you're just starting your business, or you've been running it a while, the sooner you get started thinking about how you are going to shift your business model 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 type of income which, although not passive, nevertheless is an integral strategy for earning more and working less.
An insurance agent who gets a commission annually when a client renews his policy.A network marketing site web or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor who produces a video and sells it in 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 photos available via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his pictures. . click this site
There are many different strategies 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 could necessitate no personal involvement whatsoever, like an e-book offered on a website, or it can require 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 the income. For instance, a mentor or consultant on a monthly retainer, or a caterer 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 other folks to create income for you. A Few Examples of leveraged income include:
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An e-book author selling her e-book through affiliates who promote the product.A network marketer who builds a have a peek at this website downline and receives commissions on the sales made by people in his downline.A general contractor who makes a profit margin on the job 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 from other people's labor, rather than mainly your own. Note that leveraged income may or may not be residual income. When you combine them, that is 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 need your direct participation, your earning potential is a lot higher than when someone was paying you a direct hourly fee. Fill a room with 1,000 individuals paying $50 each and you can cover your facility price, promotional cost, and staffing prices 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's important that you first attempt to educate yourself about your options and what they really mean. For many people when they think income they think of linear types of income like say getting a project or selling belongings.