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Your paycheck isn't the only means to make money! Check out our extensive list of great passive income ideas to start making cash on the side straight 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 by 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's important to start creating passive income flows. Whether you're just starting your business, or you have been running it a while, 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 basic types of passive income and a third sort of income which, although not passive, nevertheless 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 customers when they reorder product every month.An aerobics instructor that produces a video and sells it in 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 makes his photos available via a stock photography clearinghouse and has paid a royalty whenever someone buys one of his pictures. .

There are many different strategies to generate residual income across a huge array of businesses. It might be recurring income from the very same clients or the earnings of a product to new customers. It could necessitate no personal involvement in any respect, like 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 that might still need your involvement to earn the income. For instance, a coach or consultant on a monthly retainer, or a secretary 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 ability. .

This frees the work of other folks 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 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 job 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 from other people's labour, rather than primarily your own. Note that leveraged income might or might not be residual income. When you combine them, that's 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, for example:

Although these need your immediate participation, your earning potential is much higher than when someone was paying you a direct hourly fee. Fill a room with 1,000 individuals useful reference paying $50 each and you can cover your facility price, promotional cost, 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 try 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 such as state getting a job or selling belongings.