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Your paycheck isn't the only way to generate money! Check out our extensive collection of great passive income ideas to begin making cash on the side straight away.
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In case 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 directly involved in doing the work that generates income, there is going to be a limit to just 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 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're just starting your business, or you've been running it a while, the sooner you start 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 main kinds of passive income and a third sort of income that, although not passive, still is an integral 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 guide customers when they reorder product every month.An aerobics instructor that produces a movie and sells it at the gyms where she's teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who earns his photographs available via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his images. .
There are many different ways to generate residual income across a wide variety of businesses. It may be recurring income by the very same clients or the earnings of a product to new clients. It may require no personal involvement whatsoever, such as an e-book sold on a website, or it can 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 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, but it comes in recurring work which limits on your earning ability based on your own personal production capacity. .
This frees the work of other folks to create income for you. Some examples of leveraged income include:
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An e-book author selling her e-book through associates that promote the product.A network marketer that builds 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 models in many different businesses. The key is that you're making money click over here now off of other people's labor, rather than mainly 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 direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:
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When it comes to making money and earning an income, just like most things I think it's important that you first attempt to educate yourself about your options and what they really mean. For most people when they think income they think of linear types of income like state getting a job or selling belongings.