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Your paycheck isn't the only means to make money! Have a look at our extensive list of great passive income ideas to start making money on the side right away.

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In case you don't want to continue working 50 or more hours each week for the remainder 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's going to be a limitation to just how much you can earn, and it can increase only very gradually. .

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 streams. Whether you are just starting your business, or you've been running it a while, 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 attain personal and financial freedom. .

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There are two main kinds of passive income and a third type of income that, while not passive, still is an integral strategy for earning more and working less.

An insurance agent who receives a commission annually when a client renews his policy.A network marketing or direct sales rep's income from her direct clients when they reorder product every month.An aerobics instructor who produces a movie and sells it in the gyms where she teaches.A marketing consultant who produces 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 pictures. .

There are many different ways to generate residual income over a huge variety of businesses. It might be recurring income by the same clients or the earnings of a product to new customers. It may require no personal involvement in any respect, like an e-book sold on a website, or it may 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 that might still require your involvement to earn your income. For instance, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch each Monday to the local school board has recurring income, but it comes from recurring work which restricts on your earning capacity based on your own personal production ability. .

This frees 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 through affiliates that promote the product.A network marketer who builds a visit the site 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 into other entrepreneurs (the ultimate leveraged income). .

Again, there are many different versions in many different businesses. The key is that you're making money from other people's labor, rather than primarily your own. Note that leveraged income may or may not also be residual income. When you combine them, that is even better.

This sort 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 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 cover 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, as with most things I think it's important that you first try to educate yourself about your options and what they truly mean. For many people when they think income they think of linear kinds of income such as state getting a job or selling belongings.