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Your paycheck isn't the only way to make money! Have a look at our extensive list 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 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 always 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 cases.

If you want to earn more, work less, and have a comfortable retirement, it's important to begin creating passive income flows. Whether you're just starting your business, or you have been running it some time, the sooner you get started thinking about how you are going to shift your business model 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, while not passive, still is a key strategy 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 customers when they reorder product every month.An aerobics instructor who produces a movie and sells it at the gym at which she teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who makes his photographs available via 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 over a huge variety of businesses. It might be recurring income from the very same customers or the earnings of a product to new clients. It could require no personal involvement whatsoever, like an e-book offered on a website, or it can require some personal interaction, like the insurance agent calling the client 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. For instance, a coach or consultant on a monthly retainer, or a caterer who delivers lunch each 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 capacity. .

This frees the work of different people to make income for you. Some 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 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 models 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 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 earn 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 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's important that you first attempt to educate yourself about your options and what they really mean. For most people when they think income look at here now they think of linear types of income such as state getting a job or selling belongings.