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Your paycheck isn't the only way to make money! Check out our extensive collection of great passive income suggestions to begin making money 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 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 limitation 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 examples.

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 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 main kinds of passive income and also a third type of income which, although not passive, nevertheless is a key 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 direct clients when they reorder product every month.An aerobics instructor who produces a video and sells it at the gyms where she teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who earns his photos available through 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 across a wide variety of businesses. It might be recurring Extra resources income from the very same customers or the sales of a product to new customers. It could require no personal involvement whatsoever, like an e-book sold on a web site, 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 that might still need your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, however it comes from recurring work which restricts on your earning ability based on your own personal production capacity. .

This frees the work of different folks to make income for you. A Few 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 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 job done by subcontractors.Franchising your business model to 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 labour, 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 sort of income requires your direct participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:

Though these need your immediate participation, your earning potential is much higher than when someone was paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional price, and staffing prices and still have a nice chunk of change left over. .

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When it comes to making money and earning an income, just like most things I think it is important that you first attempt 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 say getting a job or selling belongings.