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Your paycheck isn't the only way to make money! Check out our extensive list of great passive income ideas to start making money on the side straight away.
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If 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 from being involved in doing the work that generates income, there's always going to be a limitation to 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 begin creating passive income streams. 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 design to create more passive income, the sooner you can attain personal and financial freedom. .
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There are two basic types of passive income and a third type of income that, while not passive, nevertheless is a key approach for earning more and working less.
An insurance agent who gets a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her guide customers when they reorder merchandise every month.An aerobics instructor that creates a movie and sells it in the gyms where she's teaches.A marketing consultant who produces a workbook and sells it in e-book format on the Internet.A photographer who earns his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his images. .
There are many different ways to generate residual income across a huge variety of businesses. It may be recurring income from the very same customers or the earnings of a product to new clients. It may necessitate no personal involvement in any respect, such as an e-book offered on a web site, or it can require 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 find more require your involvement to earn the income. By way of example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes from recurring work that restricts on your earning capacity based on your own personal production capacity. .
This leverages the work of different 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 associates who promote the product.A network marketer who 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 job done by subcontractors.Franchising your business model into other entrepreneurs (the ultimate leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labor, rather additional reading than primarily your own. Note that leveraged income might or might not also be residual income. When you combine them, that is even better.
This sort of income requires your immediate participation, but you can make more money by having more people involved. This generally involves a one-time event, such as:
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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 try 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 such as state getting a job or selling belongings.