Retirement Income Opportunities
By ARINDAM
There's a saying in the corporate world: "Don't make yourself irreplaceable. If you can't be replaced, you can't be promoted." This is all about Active Income.

Passive income, on the other hand, is income that does not require your direct involvement. Some kinds of passive income you may be familiar like owning rental property, royalties on an invention or creative work, and network marketing. If you want to earn more, work less, and have a decent retirement,

Let's look at two basic types of passive income, and a third type of income that, while technically not passive, is a key strategy for earning more and working less.

Residual Income

Residual income is revenue that occurs over time from work done one time. Some examples include:
•An insurance agent who gets commission every year when a customer renews his policy
•A network marketing or direct sales rep's income from her direct customers when they reorder product every month
•An aerobics instructor who produces a video and sells it at the gyms where she 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 gets paid a royalty whenever someone buys one of his images

As you can see, there are many different ways to generate residual income across a wide variety of businesses. It may be recurring income from the same customers, or the sales of a product to new customers. It may require no personal involvement whatsoever, such as an e-book sold on a web site, or it may require some personal interaction, such as the insurance agent calling the customer to remind them about their renewal and ask them if they want to change any of their coverage. Often, it's something that you can delegate to an assistant.

Note that this is different from merely recurring income. Recurring income may still require

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