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Your paycheck isn't the only way to make money! Check out our extensive collection of amazing passive income ideas to start making cash on the side right away.

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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 directly involved in doing the work that generates income, there's always 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 flows. Whether you're just starting your business, or you have been running it a while, the sooner you get started thinking about how you are going to change your business design 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 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 every year when a client 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 that creates a movie and sells it at the gyms where she teaches.A marketing consultant who produces a workbook look here and sells it in e-book arrangement on the Internet.A photographer who makes his photographs 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 over a wide array of businesses. It might be recurring income by the very same clients or the sales of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it may need 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 need your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning capacity based on your own personal production ability. .

This frees 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 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 work done by subcontractors.Franchising your business model into other entrepreneurs (the supreme leveraged income). .

Again, there are many different versions in many different businesses. The key is that you are making money off of other people's labor, rather than mainly your own. Note that leveraged income might or might not be residual income. When you combine them, that's even better.

This sort of income requires your immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:

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Though these require your immediate participation, your earning potential is a lot greater than when someone was paying you a direct hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility price, promotional price, 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, just like most things I think it's 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.

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