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In case you don't want to continue working 50 or more hours per week for the remainder of your life, consider building your sources of passive income. Until you can remove yourself by being directly involved in doing the job that generates income, there's going to be a limitation 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'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 are 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 basic types of passive income and also a third sort 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 who creates a movie and about his 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 makes his photos available via a stock photography clearinghouse and gets paid a royalty whenever someone try this site buys one of his images. .

There are many different strategies to generate residual income across a wide variety of businesses. It might be recurring income by the same customers or the earnings of a product to new clients. It may require no personal involvement whatsoever, such as an e-book offered on a website, or it can 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 which may still require your involvement to earn your income. By way of 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 ability based on your own personal production ability. .

This frees the work of other people 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 generated 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 models 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 type 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 immediate participation, your earning potential is a lot greater than if someone was paying you an immediate hourly rate. Fill a room with 1,000 people 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 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 types of income like say getting a job or selling belongings.