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Your paycheck isn't the only way to generate money! Have a look at our extensive list of great passive income suggestions to start making money on the side straight away.

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

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If you don't want to continue working 50 or more hours per week for the remainder 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 limitation 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 examples.

If you want to earn more, work less, and have a comfortable retirement, it is important to begin creating passive income flows. Whether you're just starting your business, or you have been running it a while, the sooner you get started thinking about how you are going to change your business model 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 sort of income that, while not passive, nevertheless is a key approach for earning more and working less.

An insurance agent who gets a commission every year when a client renews his policy.A network marketing or direct sales rep's income from her direct customers when they reorder merchandise every month.An aerobics instructor who creates a movie and sells it in the gym at which she teaches.A marketing consultant who produces a workbook and sells it all in e-book arrangement 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 images. .

There are many different strategies to generate residual income over a wide array of businesses. It might be recurring income by the same clients or the earnings of a Going Here product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a website, or it can require some personal interaction, like the insurance agent calling the client 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 your income. By way of 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 in recurring work that restricts on your earning ability based on your own personal production ability. .

This frees the work of different folks 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 that promote the product.A network marketer that builds a downline and receives commissions on helpful resources 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 mainly your own. Note that leveraged income may or may not 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:

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Although these require your direct participation, your earning potential is a lot greater than if someone was paying you an immediate hourly rate. Fill a room with 1,000 people paying $50 each and you can cover your facility cost, promotional cost, 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 attempt to educate yourself about your options and what they really mean. For many people when they think income they think of linear types of income such as state getting a job or selling belongings.

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