Five Ways to Create Residual Income
Today, I want to share five ways to create residual income.
Residual income is money that comes in month after month for something you did previously. Examples of residual income include:
• Social Security
• Book Royalties
• Insurance Premiums
• Rental Property Income
• And more
As I see it, everyone needs residual income. Even if you have a job or career that you love, you need some leverage. You need money that keeps coming in month after month. If you were to interview some of the richest people in the world, they would tell you to find several ways to get residual income.
To get residual income, it may require a monetary investment, time and work investment, or both. But after those investments, the money rolls in.
So, here are five ways to create residual income that you should consider to give yourself financial freedom. These are what I feel are the top 5 but believe me, there are many more options.
Disclaimer – I am not a financial professional. All investing does involve risk and you could possibly lose part or all of your investment. So please be wise and do not take risks that you cannot afford to lose on.
#1: Dividend Paying Stocks
It is my opinion that a person should try to invest a certain amount of their money on a regular basis in stocks. And while there is risk involved, investing in dividend paying stocks can be quite lucrative. 5 of the best dividend stocks are:
• 3M (MMM)
• Aflac (AFL)
• Archer Daniels Midland (ADM)
• AT&T (T)
• Coca Cola (KO)
There are many others too. The majority of these stocks do not have drastic highs or lows but stay somewhat even and pay out those dividends quarterly.
2: Real Estate
If you ran out and bought an apartment building, that would not be actual residual income.
Why? Because you would have to put in work fixing problems and more.
But using crowdfunding programs, you can invest in real estate and just collect your residual income. You may consider:
• or RealtyShares
3: Write And Publish A Book
Publishing a book is easier than ever before. There are several sites that you can send your completed book and cover to and they will print on demand.
You can also write and publish eBooks too.
It may mean some periodic marketing but once your book is written and published, you will receive royalties on all sales.
4: Build A Niche Website
Pick a passion and build a website around it. But how do you make money? Easy!!!
Let’s say you build a website around the game of baseball. Having facts and figures on baseball but also having an area that sells baseball hats, jerseys, collector cards, etc…
You can affiliate with other manufacturers, Amazon or even have your own private label products.
Simply teach people something you are skillful at…
• Basic car maintenance
But you are probably asking how that can be residual income? By using a site like Udemy, you can create a course using video and more. Set the price and get paid your royalties every time someone signs up.
There you have 5 ways to start getting residual income. It all comes down to a little creativity, investment of time, money or both and you can have income coming to you on a regular basis for something you did one time.
What are your thoughts? Leave your comments and questions below. Thank you.
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