You'd agree with anyone who would want to get rid of their eight hour jobs and look for passive income instead.
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They say that those who cannot be replaced cannot be promoted. This is applicable to entrepreneurs.
Think of it this way: unless you can "remove" yourself from the operations, your income will always be limited.
You have to start thinking big. Say you own a restaurant. You surely would not be part of the staff yourself.
If you are part of the workforce, you are limiting your earnings to your monthly pay. That is not how passive income works.
You got to work less in order to earn more.
How do you do that, you may ask?
Well, there are a lot of ways to achieve that state. Network marketing is one. Then there's owning rental property or having royalties on some creative work.
These ways will help you earn more without working your heart on tremendous work hours per week. You have to avoid direct involvement in order to earn more and have a lot by the time you retire.
As what everyone already knows, passive income is the key to financial freedom. Until you are free of your day job, you will never be free from financial constraints.
Again, you need to let that go. Instead of working for money, you have to start looking for ways on making money work for you.
Be acquainted with each one in order to know what will work for you.
Residual income refers to the royalty a musician gets for every album sold. Now, there are a number of other ways to have residual income.
Bottom line is, you need not work on it eight hours or more just to earn more. You need to know that delegating the work is the key to working less yet earning more.
Leveraged income, on the other hand, influences the work of others in order to create income for you.
An example of this is someone who works for network marketing and receives commission for the sales made by those under him in the network.
Another example is selling a franchise of your business to other businessmen. There are many ways of having leveraged income.
But just like residual income, you are earning money from the labour of others and not your own.
If you want to have a passive income of your own, you need to start thinking of what will work for you. That way, you will not be a slave of your work but master of your money.
What is Passive Income?
Passive income is also the income generated when you work hard right now and earn constantly for it later on.
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Sources of Passive Income
The sources of passive income are built from simplest to the hardest: Selling your things on the internet, have your place rented, if you have a bigger lot you can have someone take it over for a rent or even have an apartment for rent.