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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 remainder of your life, consider building your sources of passive income. Until you can remove yourself by being involved in doing the work that generates income, there's 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 examples.

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've been running it some time, the sooner you get started thinking about how you're going to change your business model to create more passive income, the sooner you can attain personal and financial freedom. .

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There are two main kinds of passive income and also a third sort of income that, while not passive, nevertheless is a key 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 customers when they reorder merchandise every month.An aerobics instructor that creates a video and sells it at the gym at which she's teaches.A marketing consultant who produces a workbook and sells it in e-book arrangement 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 across a huge array of businesses. It might be recurring income from the same clients or the earnings of a product to new clients. It could require no personal involvement whatsoever, such as an e-book offered on a web site, or it can require 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 need your involvement to earn the income. For instance, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every Monday into the local school board has recurring income, however it comes in recurring work which limits on your earning ability based on your own personal production ability. .

This leverages the work of other folks to make income for you. A Few Examples of leveraged income include:

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An e-book writer selling her e-book through associates who promote the product.A network marketer who assembles a downline and receives commissions on the sales made 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're making money from other people's labour, rather than mainly 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 immediate participation, but you can earn more money by having more people involved. This generally involves a one-time event, such as:

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Though these need your immediate participation, your earning potential is a lot greater than when someone was just paying you a direct hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, and staffing fees and still 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 like it to educate yourself about your options and what they truly mean. For most people when they think income they think of linear types of income such as say getting a project or selling belongings.

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