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Your paycheck isn't the only way to make money! Check out our extensive list of great passive income ideas to start making cash on the side right away.

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If 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 involved in doing the work that generates income, there's going to be a limit to 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 flows. Whether you are just starting your business, or you've been running it some time, the sooner you get started thinking about how you are going to shift your business design to create more passive income, the sooner you can attain personal and financial freedom. .

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There are two basic types of passive income and also a third type of income which, although not passive, still is an integral strategy for earning more and working less.

An insurance agent who receives a commission every year when a customer renews his policy.A network marketing or direct sales rep's income from her guide customers when they reorder product every month.An aerobics instructor that produces a movie and sells it at the gym at which she teaches.A marketing consultant who creates a workbook and sells it all in e-book format on the Internet.A photographer who earns his photos available via a stock photography clearinghouse and gets paid a royalty whenever someone purchases one of his images. .

There are many different strategies to generate residual income across a huge variety of businesses. It might be recurring income from the very same customers or the sales of a product to new clients. It may require no personal involvement in any respect, such as an e-book offered on a website, 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 your income. For instance, a coach 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 that limits on your earning capacity based on your own personal production ability. .

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

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An e-book author 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 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 primarily your own. Note that leveraged income may or may not be residual income. When you combine them, that is even better.

This type of income requires your immediate participation, but you can make more money by having more Web Site people involved. This generally involves a one-time event, such as:

Although these need your immediate participation, your earning potential is a lot higher than when someone was just paying you an immediate hourly rate. Fill a room with 1,000 people paying $50 each and you can pay for your facility price, promotional price, and staffing fees 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 is 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 like say getting a project or selling belongings.