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In the previous post I included an infograph that showed 200 Ways that you can Generate an Income Online, which motivated me to write this post because I wanted to describe how some of the techniques listed on the infograph are leveraged income sources. Personally I would rather have several sources of income that are leverage than working to pursue only a single source. I believe that an important part of being Financially Free is to use as many leverage sources as you can to help your money work for you instead of you working for your money, which leads me to discussing the difference in Linear vs Leverage Income.
In the image below I provided some of examples on the difference between Linear vs. Leverage Income.
Popular wisdom even when comes to our personal finance do not provide individuals with strategies on how to leverage their current income or how to look beyond their current paycheck. We have been preached to since we have been young that you have to work hard for our money, so whenever someone introduces to us that there is another way to make money we run away.
I want to share a quote by J. Paul Getty:
I would rather earn 1% of 100 peoples efforts than 100% of my own efforts.
How can you leverage 1% of 100 peoples efforts, listed below are a few examples.
- Start a referral or affiliate program for a product that you created, referral or affiliate partners can be found online or offline. The referral or affiliate partners will promote your product for a percentage of the profits.
- Don’t want to create any products online or offline, become an affiliate or referral partner of a someone else’s product. You can generate an income for yourself either on a per sale basis or on a residual basis.
- Create your own intellectual property, which is an original product that can be sold using online e-commerce sites like E-junkie, E-bay or Shopify this will allow you to sell your creation 24 hours a day.
- Getting started in real estate which can be diversified in other unpopular areas for example note buying and selling
There are so many methods and ways to get started it’s up to you to decide how and what you will do to get started.
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