Now you’ve thought about it before – How can you make money work for you and not spend the rest of your life working for money?
It almost sounds too good to be true doesn’t it?
I mean, how can a regular person like you create residual income and live the rest of your days doing what you love?
Now obviously it can be done. We all know someone or know someone who knows someone who’s doing it.
Luckily for you I’m going to share how you can do it to!
Residual income, also called passive income, involves a steady source of income that does not come from an employer or contractor. This can include rental income or any other business dealing in which you do not actively participate in the business but still earn money from your initial work (like book royalties or certain types of stocks). It’s important to realize that even residual income takes a lot of time and effort, and isn’t as simple as waiting for the checks to roll in. Learning how to earn residual income can help you supplement your regular income and generate profits for the foreseeable future, as long as you put in the necessary work.
1 – BUILD AN AFFILIATE BLOG
Set up a blog, promote the blog, and use it to promote affiliate offers. This is by far the best known way to generate a source of passive income online.
Start with an affiliate site like ClickBank or Commission Junction. Find a few offers in a category that you know a bit about. Ideally offers with some degree of recurring income. Make sure they have good numbers, and do your keyword research to make sure there’s demand. After figuring out what keywords to optimize your blog for, start a new blog and write articles. SEO optimize the blog, and promote it around the web. Once the traffic numbers start going up, deploy some ads for affiliate offers. People click on the ads, and you get paid.
Now repeat the process until you have ten or twenty blogs, or maybe hundreds if you want to lots of cash online.
2 – SELL COMMERCIAL PRODUCTS ONLINE
Customers are buying products online at an extensive rate nowadays. This means that there are a large number of customers looking for exactly what YOU can supply them with.
Lots of people have proven that this is a great platform to sell products online. Put up a page and promote it. People pay you money. The product gets delivered to them, while you kick back as the money rolls in.
If Shopify is not your thing then you can always try your luck with eBay.
3 – MLM / NETWORK MARKETING
This is a great way to gain residual income. You can literally have your own franchise for less than $500. In some cases less. I was personally lucky enough to find a great Health & Wellness company that only has a $50 start up fee! The company ships the product directly to the customer, bills them and pays me. How amazing is that! How this works is you make money from selling a product and building a team of people to do the same. A number of highly reputable entrepreneurs such as Donald Trump, Robert Kiyosaki, Bill Gates and Richard Branson are big fans of Multi-Level Marketing and all say that if they had to start a business at this day and age they would choose Network Marketing. Some even have. Network Marketing is also great because it’s more like a course in personal development. The person you end up becoming in the process is far more important than the income you can earn.
Make sure that it’s a product and company that you can stand behind. That way it’s not like selling at all it’s simply sharing something that you believe will benefit others.
4 – RENTAL PROPERTY
Learn about the work involved. Being a landlord isn’t as simple as just collecting rent checks every month. There’s a lot of time, work, and money involved in maintaining the property and meeting the tenants’ needs.
It’s best if you’re a handy person with hands-on experience making repairs, doing yard work, and working on basic plumbing repairs/maintenance.
If you can’t perform work yourself, you’ll have to pay someone else to do it. This can get very expensive, especially if it’s an older property or a neglected building in disrepair.
Remember that being a landlord can involve 24-hour problems. Just because you’re ready to call it a night, it doesn’t mean there aren’t problems that need to be addressed at the property.
Sometimes problems arise that need an urgent solution. If you can’t be on call around the clock, you’ll need to hire a building maintenance person who can be (which, again, will cost you more money).
Recognize that dealing with tenants can be difficult at times. There’s always a chance that some type of conflict will arise at some point, so make sure you can calmly defuse those situations if you’re thinking about becoming a landlord.