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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 cash on the side straight away.

Fantastic Passive Income Ideas is for entertainment and reference purposes only. The information presented is your opinion of the writer only and should not be interpreted as specific advice or recommendations on your financial situation. Always consult a true professional prior to making any financial decisions.

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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 by being 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 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 begin 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're 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 main kinds of passive income and also a third sort of income which, although not passive, nevertheless is an integral strategy for earning more and working less.

An insurance agent who receives a commission every year 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 that produces a video and sells it at the gyms where she's teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who earns his photos available via a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .

There are many different ways to generate residual income over a wide array of businesses. It may be recurring income by the very same clients or the sales of a product to new customers. It could necessitate no personal involvement whatsoever, like an e-book sold on a web site, or it can need some personal interaction, such as the insurance agent calling the customer to remind them regarding 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 example, a mentor or consultant on a monthly retainer, or a secretary who delivers lunch every Monday to the local school board has recurring income, but it comes in recurring work that limits on your earning capacity based on your own personal production ability. .

This frees the work of other people 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 that builds a downline and receives commissions on the sales made by people in his downline.A general contractor who makes a profit margin this link 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 labor, 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 direct participation, but you can make more money by having more people involved. This generally involves a one-time event, for example:

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Although these require your immediate participation, your earning potential is a lot greater than when someone was paying you an immediate hourly fee. 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 to educate yourself about your options and what they truly mean. For most people when they think income they think of linear kinds of income like say getting a job or selling belongings.

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