There is nothing as great as making money without directly putting any effort into the income generation process. To many individuals, this remains but a pipe dream, however, this should not be the case since there are many ways in which you can quickly generate residual income hence leading to an increase in the standard of living standard for you and your family.
Furthermore, if you have been working the traditional 9 to 5 job up to the point of burning out, involving yourself in residual income is an excellent way to make money and unshackle yourself from the monotonous and restricting employment.
Subsequently, this idea of freedom makes the notion of residual income quite appealing to many people who want to replace their full-time jobs with residual income.
However, many people do not know where to start; therefore, this article aims at enlightening you on ten unique ways to create residual income.
Invest in Real Estate
The investment in real estate may slightly be categorized as a semi-passive income because investment in real estate usually is seen in most cases as an active venture.
Additionally, if you have a property which is already established and wholly rented out, the only remaining issue will be managing the property and ensuring it maintains a high standard of excellent performance.
Therefore, you can acquire the services of an expert property manager to manage the property on your behalf diligently, and you consequently pay him a salary which is approximately ten percent of the monthly rent. Through this professional management, this investment will be more passive despite it taking out some money from your cash flow.
Nevertheless, not all real estate investments make excellent passive income, and it is for this reason that you need to do your research comprehensively to know whether the potential returns of the property are worth the risk.
Also, if you are looking for a simple and low-cost method of investing in real estate which earns you income, you need to consider using a REIT.
A REIT usually is a real estate investment trust, and it is a company that either produces or owns income-producing real estate, thus allowing you to invest in real estate the same manner you would invest in any other industry by purchasing stock.
Owning stock in REIT enables you to earn a portion of the profit generated by this real estate investment; thus you can invest in real estate without necessarily owning any property.
We live in YouTube’s golden generation, and this company is currently expanding at a ridiculous pace and is yet to reach its full potential. It is because, in comparison to articles, there are not enough videos to satisfy an ever-increasing number of audiences.
Therefore, if you are searching for a residual income, look no further, start a YouTube Channel which is something with tremendous potential and very little competition to stunt your growth. Revenue on YouTube is generated from the ads that commonly appear whenever someone watches your videos.
However, the secret to being successful in this venture is to have a viewer and subscriber base which is large enough. Despite this requiring plenty of time up front, once your viewer base is large and the videos are live, the possibility of making income from each video increases significantly.
Therefore, if you are serious about this as a source of residual income, be ready to produce at least more than 100 videos so that you can get to earn a substantial amount of money which will be worth all the hassle.
It possibly is the most potent methods through which you can generate numerous sources of residual income streams. Nevertheless, succeeding in this venture is not as straightforward as it seems since it requires you to have a huge following of users, therefore if you already have an existing website or blog, you should not wait any longer.
Usually, how it works is that you promote “affiliates” or other firms through your blog or site and when someone uses the link you have shared and subsequently signs up for a service or makes a purchase, you get paid. The fee you receive may either be a percentage of the amount of the completed sale or a flat rate.
If you wish to make money using this method and do not have a website, you can start one, and this will cost you less than $3 every month to get a website host.
Making money through affiliate marketing is also not as difficult as it looks because many companies around the globe want to sell their products and services to as many people as imaginable. Some of these companies include insurance companies, investment firms, online banks and many more.
Lastly, having a blog or website is not the only way to make money using affiliate marketing and this you may opt to use podcasts, YouTube as well as other avenues available online.
Develop a Smartphone App
Building a smartphone app may not be the simplest thing to do, but if you are a bit tech savvy and have a relatively massive amount of money, you can successfully bring your vision into reality if you can improve an already existing app or entirely creating one from your unique ideas.
Despite its challenges, you still can develop an app and make money off it, and in this period of technological advancements, if you do this right, this will be a remarkably lucrative source of passive income.
Presently, people love downloading apps and not just for the sake of it, and it is because apps make life much easier ranging from apps which keep track of tasks, to the apps which help individuals compile their pictures.
Therefore, apps are useful to everyone out there, and you will subsequently earn income from this excellent source of passive income if you come up with a unique app to solve people’s everyday challenges.
You do not need to worry about the vast number of apps available out there because if you create an app which incorporates fresh and unique ideas, you will make money out of it.
Produce an Audiobook
If you are passionate about music, producing an audiobook would be an excellent way through which you would generate residual income if done in the right manner. Additionally, to push your audiobooks to some of the globe’s most powerful platforms like iTunes and Audible, you need to leverage Audible’s ACX platform.
Having an advanced skill or specialized knowledge could also earn you residual income through teaching people through audiobooks. Nevertheless, you always need to guarantee that you deliver a vast amount of value as well as ensuring the production is of high-quality.
Rent Out Unused Space with Airbnb
The Airbnb concept has been around only for a few years but has seen increased popularity across the globe. It is because this enables individuals to travel around the world and stay in accommodations which are slightly cheaper in comparison to traditional hotels. Thus, tourists prefer to stay with members of Airbnb who typically rent out their homes to travelers.
Therefore, if you stay in a desirable location, a delightful homestead, or a big city, there is a probability that someone would love to stay in your house for a couple of days, and they will pay you for the service.
The sole role of Airbnb is to connect those who are seeking a place to stay with those with space to rent. Consequently, by participating in Airbnb, you get to earn residual income by renting out space in your home to accommodate guests for some days.
Furthermore, the amount of money you make depends on your location as well as the condition and size of your residence. So, if your house is close to a popular resort or high-cost city, your income will be higher, and this is a remarkable way to earn extra cash from space which would otherwise not be utilized.
Buy an Existing Blog
Every year, thousands of blogs are created, and similarly, thousands are also entirely abandoned by their owners after some duration.
Additionally, other people sell their successful blogs for numerous reasons, for instance, the blog is not generating enough cash, they are tired with the venture, your offer was just irresistible or lack of enough time.
So, buying a blog which has a proven cash flow as well as a reasonable amount of traffic, this would make an excellent source of residual income.
Nevertheless, before buying a blog, you need to diligently research whether it is worth it to purchase the blog, comparable to how you would do when deciding on a rental property.
If the minimum criterion has been met, you can then go ahead and buy the blog. Some of the approaches to consider include if the blog gets a minimum of 10,000 visits every month with at least half of that coming from search engines as this means that the website’s SEO is quite good or if it is at least twelve months old.
Additionally, the blogs need to be under-monetized with this meaning that the present owner of the blog is not fully exploiting blog’s potential.
A majority of the blogs use Google AdSense which usually offers a monthly revenue stream that is based on ads placed on the website by Google. Also, there may be affiliate programs which provide you with extra revenue, with these two income sources becoming yours after you buy the blog.
Typically, blogs are sold at 24 times the income they generate every month, and in some cases, you can buy the blog for less than the earning made in 24 months especially if the owner of the site is anxious to leave. Moreover, even after going silent for years, some sites will continue to generate you a steady stream of income.
After buying such a site, it might be wise to refresh it with new content, and this may lead to an increase in the monthly revenue. Eventually, if you may decide to sell this blog at a future date, you will do so for an amount which is significantly more than the amount you paid for the blog.
Buy Dividend Paying Stock and other Investment
A dividend is the distribution of part of the firm’s profits, and this is what you receive when you own stock in a company either through a fund or directly.
Moreover, the company’s board of directors decides how the dividend will be issued, that is in the form of shares of the company, cash payments or other property. Usually, a dividend is seen as the opportunity for the company to reward shareholders for their steadfast loyalty.
Furthermore, the amount of money you receive as divided depends on how much profit the company has made in that particular year as well as how much of the company’s stock you own. Most of the retired investors like the steady income which dividend stock offers them hence many opt for dividends as their preferred method of generating residual income.
The option of further reinvesting the earned dividends to purchase more shares of that specific stock only enhances the confidence of most individuals thus genuinely making this an excellent source of passive income.
To locate dividend stocks, you can use Google Finance Stock Screener which typically is free to use, and you can subsequently set your desired criteria that are Dividend and P/E Ratio Yield which are shown as a percentage.
Also, you can set the maximum and minimum values in the dividend yield box between 2 and 100, and this subsequently will try and find stocks which pay a dividend of between 2 to 100% of the current stock price.
The set values for the P/E box are between 0 to 18, with this showing the existing price between 0 and 18 more than what the firm earned in that year.
After setting all your criteria, the table displaying the details which every stock falls into is shown, and you can click on the Dividend Yield percentage to sort the highest dividend yield.
Eventually, through continuously building your portfolio, you will start earning $1,000 every month, but this requires both consistency and time. However, everyone starts from somewhere so if you are looking for a residual income stream, this would be an excellent idea to follow.
Write and publish an eBook
It is another incredible technique through which you can generate a decent amount of residual income and thus, you need to try and locate a niche.
At the inception of your idea, your eBooks need to be non-fiction hence assist in educating your audience on various topics like fitness, wellness, business, online marketing or other areas of self-development.
It is because these topics are going to sell better in comparison to fiction books which despite being very lucrative, is highly competitive thus not ideal for a beginner.
Moreover, eBooks should not be dreadfully long either, thus to makes some money, it is not necessary that you write an opus.
To publish your eBook, there are several places where you can go, and this includes Booktango, Amazon’s Kindle Direct Publishing, and Lulu, with the vital services in many of these publishing websites being free. However, for premium services like editing and marketing, you are required to pay.
Invest Through Peer-to-peer Lending Platforms
Banks usually lend money not because of they are kind and have nothing better to do with the money, but because it is profitable, therefore, through peer-to-peer lending, you too can get a piece of the action also. Additionally, peer to peer lending matches those who have money to lend with those who are looking for funds to borrow.
Typically, the borrower gets to benefit since they get access to funds which they would not qualify to get for from the traditional credit unions or banks.
The lenders on the other hand gain from giving out the loan at a rate which is higher in comparison to the more conventional investments and this in some cases averages above 10%.
Therefore, this peer-to-peer lending platforms such as Funding Circle, Prosper, and Lending Club make it straightforward and easy for both businesses and people to invest in residual income streams through the interest payments.
Lending Club: This company offers borrowers with amortized loans, and these kinds of loans typically favor the lender since they get a bigger portion of the interest rate earlier in the credit. Therefore, the lender is not very concerned whether the borrower will pay the loan off early.
Prosper: Comparable to Lending Club, but the standard of borrowers in this platform are of a higher standard. To get access to loans, the borrower needs to have a credit score of 640 or higher.
Additionally, whereas there is no specific set requirement on the expected income level of the borrower, borrowers using this platform on average make $86,400.
The grading of borrowers is based on factors like debt-to-income ratio and credit score. Subsequently, the grade is what limits both the origination fee as well as the interest rate and is the main criteria which are customarily looked at by lenders before deciding who they should give a loan.
Nevertheless, having this as your source of residual income will require that you have an adequate amount of investment upfront.
So, if you have a substantial amount of cash stashed away, this is an excellent source of residual income worth considering without necessarily having to depend on high-risk stocks or low-interest earning CDs at the banks.
Before investing, properly carry out your research to know whether or not this is an excellent idea as spruce of residual income.
Like many people, you probably are not going to become rich by being employed as the CEO of a Fortune 500 Company, or any corporate business for that matter.
However, if your goal is to obtain financial independence then at some point you will want to start thinking of ways to begin earning passive income as we mentioned in the 10 unique ways to create residual income which if followed with diligence and devotion, will lead you towards the path of inevitable success.
As we have mentioned in other posts. Our favorite method for making residual income online is with CBD Oil. If you are interested in learning more you can check out our review of the HempWorx Affiliate Program. It is an amazing income opportunity with incredible products with residual earning potential.
If you enjoyed this post, Please consider using our sharing buttons to share this post on Pinterest. Thanks again for visiting.