Residual Income In Romania - Passive Residual Income for Dummies
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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 is 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 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 have been running it a while, the sooner you start thinking about how you are going to shift your business model 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 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 customer renews his policy.A network marketing or direct sales rep's income from her guide clients when they reorder merchandise every month.An aerobics instructor that creates a movie and sells it in the gym at which she's teaches.A marketing consultant who creates a workbook and sells it in e-book format on the Internet.A photographer who makes his photos available through a stock photography clearinghouse and has paid a royalty whenever someone purchases one of his pictures. .
There are many different strategies to generate residual income over a wide array of businesses. It may be recurring income by the very same customers or the sales of a product to new clients. It may necessitate no personal involvement whatsoever, like an e-book sold on a website, or it may need some personal interaction, such as 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 need your involvement to earn your income. For instance, a coach or webpage consultant on a monthly retainer, or a secretary who delivers lunch every Monday into the local school board has recurring income, however it comes from recurring work that limits on your earning capacity based on your own personal production capacity. .
This leverages the work of different folks to create income for you. A Few Examples of leveraged income include:
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An e-book author 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 work done by subcontractors.Franchising your business model to other entrepreneurs (the supreme leveraged income). .
Again, there are many different versions in many different businesses. The key is that you are making money from other people's labor, rather than mainly your own. Note that leveraged income may or may not also be residual income. When you combine them, that's even better.
This type of income requires your direct participation, but you can earn more money by having more people involved. This generally involves a one-time event, for example:
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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 many people when they think income they think of linear types of income such as say getting a project or selling belongings.