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Your paycheck isn't the only way to generate money! Have a look at our extensive collection of amazing passive income ideas to start making cash 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 rest of your life, consider building your sources of passive income. Until you can remove yourself by being involved in doing the job that generates income, there's going to be a limit to 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 cases.

If you want to earn more, work less, and have a comfortable retirement, it is important to start creating passive income streams. Whether you are just starting your business, or you've been running it some time, the sooner you start thinking about how you are going to shift your business design 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 that, although not passive, still is a key approach for earning more and working less.

An insurance agent who receives a commission every year when a customer renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder product every month.An aerobics instructor who creates a movie and sells it in the gyms where she teaches.A marketing consultant who produces a workbook and sells it all in e-book arrangement on the Internet.A photographer who makes his photos available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .

There are many different strategies to generate residual income across a huge array of businesses. It may be recurring income from 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 website, or it can 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 require your involvement to earn your income. By way of instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, however it comes in recurring work which restricts on your earning ability based on your own personal production ability. .

This leverages the work of other folks to create income for you. Some examples of leveraged income include:

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An e-book author selling her e-book through affiliates that 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 click model into other entrepreneurs (the ultimate leveraged income). .

Again, there are many different models 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 may or may not be residual income. When you combine them, that's even better.

This type 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:

Though these need your direct participation, your earning potential is much higher than if someone was just paying you a direct hourly rate. Fill a room with 1,000 people 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 try to educate yourself about your options and what they really mean. For many people when they think income they think of linear kinds of income such as say getting a project or selling belongings.