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Your paycheck isn't the only way to generate money! Have a look at our extensive collection of great passive income ideas to start making money on the side straight away.

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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 from being involved in doing the job that generates income, there is always 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 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 have been running it some time, the sooner you get started thinking about how you're going to shift your business model 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 also a third type of income which, although not passive, still is a key approach for earning more and working less.

An insurance agent who gets a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor who produces a video and sells it click here for more info at the gym at which she's teaches.A marketing consultant who creates a workbook and sells it all in e-book arrangement on the Internet.A photographer who makes his photographs available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his images. .

There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income by the same customers or the earnings of a product to new customers. It could require no personal involvement in any respect, such as an e-book offered on a web site, or it may need some personal interaction, such as the insurance agent calling the client 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 your income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, but it comes in recurring work that restricts on your earning ability based on your own personal production capacity. .

This leverages the work of different people to create income for you. A Few Examples of leveraged income include:

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An e-book writer selling her e-book through affiliates that promote the product.A network marketer that builds 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 to other entrepreneurs (the ultimate leveraged income). .

Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's 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, such as:

Although these require your direct participation, your earning potential is much higher than when someone was paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover 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, as with most things I think it's 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 such as say getting a project or selling belongings.