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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's going to be a limit 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 examples.

If you want to earn more, work less, and have a comfortable retirement, it's important to start 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 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 a third type of income that, while 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 product every month.An aerobics instructor that creates a movie and sells it in the gyms where she teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who earns his photos available via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his pictures. .

There are many different ways to generate residual income over a huge variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new clients. It could require no personal involvement in any respect, like an e-book offered on a website, or it may need some personal interaction, such as 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 the income. For instance, a mentor 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 in recurring work which restricts on your earning capacity based on your own personal production capacity. .

This leverages the work of different people 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 affiliates 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 job done by subcontractors.Franchising your business model to other entrepreneurs (the supreme leveraged income). .

Again, there are many different models in many different businesses. The key is that you are making money off of other people's labour, rather than primarily your own. Note that leveraged income might or might not also be residual income. When read what he said you combine them, that is even better.

This type of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:

Although these require your direct participation, your earning potential is much higher than if someone was paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, 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's important that you first try to educate yourself about your options and what they truly mean. For many people when they think income they think of linear kinds of income such as state getting a project or selling belongings.