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Your paycheck isn't the only way to generate 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 from being directly involved in doing the job that generates income, there is always going to be a limit to 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 is important to begin creating passive income flows. Whether you're just starting your business, or you've been running it a while, the sooner you get started thinking about how you're 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 sort of income which, although not passive, nevertheless is a key strategy for earning more and working less.

An insurance agent who gets a commission annually when a customer renews his policy.A network marketing or direct sales rep's income from her direct customers when they reorder merchandise every month.An aerobics instructor who creates a video and sells it at the gyms where she's 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 buys one of his pictures. .

There are many different ways to generate residual income across a huge variety of businesses. It might be recurring income from the same customers or the earnings of a product to new customers. It may require no personal involvement in any respect, like an e-book offered 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 that might still need your involvement to earn the income. By way of example, 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 from recurring work which restricts on your earning ability based on your own personal production ability. .

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

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An e-book author selling her e-book this content through associates who 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 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 labour, rather than mainly your own. Note that leveraged income might or might not also 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:

Though these need your direct participation, your earning potential is much higher than if someone was just paying you an immediate 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 still 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 kinds of income such as state getting a project or selling belongings.