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If you want to earn more, work less, and have a comfortable retirement, it is important to start creating passive income streams. Whether you're just starting your business, or you have been running it a while, the sooner you start thinking about how you're going to change your business model to create more passive income, the sooner you can achieve personal and financial freedom. .

There are two basic types of passive income and a third sort of income that, although not passive, nevertheless is an integral strategy for earning more and working less.

An insurance agent who gets 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 merchandise every month.An aerobics instructor that produces a movie and sells it at 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 earns his photos available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .

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There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the same customers or the sales of a product to new customers. It may require no personal involvement in any respect, such as an e-book offered on a web site, or it can require some personal interaction, such as the insurance agent calling the client to remind them regarding their renewal.

Note that this is different from recurring income which may still need your involvement to earn your income. For example, a mentor or consultant on a monthly retainer, or a caterer who delivers lunch every 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 capacity. .

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

An e-book writer selling her e-book through associates that 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). .

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Again, there are many different models 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 might or might not find out here now be residual income. When you combine them, that is 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, such as:

Though these require your direct participation, your earning potential is a lot greater than if someone was just paying you an immediate hourly fee. Fill a room with 1,000 people paying $50 each and you can cover your facility price, promotional price, and staffing fees and still have a nice chunk of change left over. .

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If you are in the Internet business, then I am confident that you are conscious of see this the concept of passive income or residual income. Most probably, you've already been searching the Internet for the best passive residual income ideas.

You may have thought about creating one or several streams of passive income to live a comfortable life or make superior savings. Whatever is the goal or the reason but you have not been really quite successful so far at creating a normal supply of passive income. The reason could be that you do not think it is true.

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Whatever is the real reason in the background, the fantastic news is that this blog gives you a few practical and well tried ways for generating passive residual income.

These notions have worked for others and can work for you too. Choose one or two or more which match your interest, experience browse around these guys and background. Once you've opted to work on these, then there should not be any looking back.

It's fairly possible if you are consistent and persistent then over a period of time you may build a substantial residual income. Dont be surprised is this passive income amount exceeds your main income from your regular occupation or business.

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This is maybe one of the most recommended methods of earning a passive income. Having a blog which has good readership of regular as new readers can give access 2 more than one source of passive income.