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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 is 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 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're just starting your business, or you've been running it a while, the sooner you start thinking about how you're 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 main kinds of passive income and also a third sort of income that, while not passive, still is a key strategy for earning more and working less.

An insurance agent who gets a commission every year when a customer renews his policy.A network marketing or direct sales rep's income from her direct clients when they reorder merchandise every month.An aerobics instructor that Your Domain Name creates a video and sells it at the gym at which she's teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who makes his photographs available via a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his pictures. .

There are many different strategies to generate residual income across a wide array of businesses. It might be recurring income from the same customers 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 web site, or it may require some personal interaction, like 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 coach 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 in recurring work which limits on your earning ability based on your own personal production ability. .

This leverages the work of other people to make income for you. A Few Examples of leveraged income include:

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An e-book writer selling her e-book through affiliates that 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 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 off of other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that is even better.

This type of income requires your immediate 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 if someone was paying you a direct hourly fee. Fill in a room with 1,000 people paying $50 each and you can pay for your facility cost, 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 is 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 kinds of income like state getting a job or selling belongings.