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Your paycheck isn't the only means to generate money! Check out our extensive list of great passive income suggestions to start making cash on the side right away.

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If 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 work that generates income, there is going to be a limit 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 begin creating passive income streams. Whether you are just starting your business, or you have been running it a while, the sooner you start thinking about how you are going to change your business model 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 a third type of income that, while not passive, still is a key approach 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 merchandise every month.An aerobics instructor that creates a video and sells it at 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 has paid a royalty whenever someone purchases one of his images. .

There are many different ways to generate residual income over a wide variety of businesses. It might be recurring income from the very same clients 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 need some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.

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Note that this is different from recurring income which may still require your involvement to earn your income. By way of example, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring link work which restricts on your earning ability based on your own personal production ability. .

This frees the work of different people to create income for you. see this site Some examples of leveraged income include:

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An e-book writer selling her e-book through associates that promote the product.A network marketer who 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 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 are making money off of other people's labour, rather than primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that's 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, for example:

Although these require your direct participation, your earning potential is much higher than if someone was just 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 is 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 like say getting a project or selling belongings.