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If you want to earn more, work less, and have a comfortable retirement, it is 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 start thinking about how you are going to shift your business model to create more passive income, the sooner you can attain personal and financial freedom. .
There are two basic types of passive income and also a third sort of income which, while not passive, still is an integral 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 guide clients when they reorder product every month.An aerobics instructor that creates a movie and sells it in the gyms where she teaches.A marketing consultant who creates a workbook and sells it all in e-book arrangement on the Internet.A photographer who earns his photographs available via a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .
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There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the very same customers or the earnings of a product to new customers. It may necessitate no personal involvement in any respect, 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.
Note that this is different from recurring income which may still require your involvement to earn the income. By way of instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch each Monday into 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. .
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This leverages the work of other people to make income for you. Some examples of leveraged income include:
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Again, there are many different models in many different businesses. The key is that you are making money from other people's labour, rather than mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that is 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:
Though these require your immediate participation, your earning potential is much greater than if someone was paying you an immediate hourly fee. Fill in a room with 1,000 individuals paying $50 each and you can pay for your facility cost, promotional cost, and staffing fees and have a nice chunk of change left over. .
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Whatever is the real reason in the background, the fantastic news is that this site provides you a few practical and well tried ways for generating passive residual income.
These notions have worked for many others and can work for you too. Choose one or 2 or more which suit your interest, experience and background. Once you have decided to work on these, then there should not be any looking back.
It is quite possible if you are consistent and persistent then within a time period you may build a substantial residual income. Dont be surprised is that this passive income amount exceeds your main income from your regular occupation or business.
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