In these very tough economic times, it’s impossible to live comfortably and financially stable having only one source of income. To effectively mobilize your savings, investing is an ideal way to get in touch with. However, people usually invest and save the amount of money left after their consumption. In simpler term, it’s impossible to invest and save before meeting your basic needs. This is just an implication that there is always a growing demand for making extra money and the use of residual income is one of the most effective ways on how to acquire this.
In this post, I wanted to share how I discovered what residual income is and collected some best residual income ideas that can be used to make extra money.
I first discovered this term Residual or Passive income when had a chance to read Rich Dad Poor Dadby Robert Kiyosaki. Somewhere in the middle of that book, my mind was completely changed – like someone had walked inside my brain and flipped on a light switch. Up to this point in my life, it was like I’d been stumbling around in this dark room, tripping on things that were strewn across the floor because I just couldn’t see.
Now I see things that I’d never even considered before. Things like – how the ways in which the wealthy people get money are totally different from the ways the poor people do. I realized that if I wanted to achieve financial independence I had to learn to get myself out of the employee and self-employed quadrant and over into the business owner, investor quadrant. I learned about passive income and my mind was literally blown.
“Residual income is money you don’t have to work for”.
What!? I want that! 🙂
When I learned that this type of money existed it was like a fire was lit inside my soul that couldn’t be put out. And there my journey for financial freedom begun.
So, last 3 years I had a lot of business ideas. I was trying to build different types of businesses: real estate, online store, consultation business, writing, was building web pages, also there was network marketing. I wanted passive income so bad I was willing to try anything. Later in this post, I have a list of 15 best residual income ideas that I have used or still use to create my additional income stream.
But first definition
Residual income definition highlights an effective method to earn money that can drastically enhance your life without putting so much of your time into a single business. With such type of income, individuals are given the chance to earn huge amount of money on the services and products they are offering. This simply means you’re going to do one work at a time at the same time earn huge income on a regular basis from such work. There are huge numbers of methods on how to do and each offers the great opportunity for you to continue earning residual income in a long-term.
Best Residual Income Ideas You Should Not Miss to Invest In
Online sources offer different types of residual income ideas according to interest, background, belief and personal experiences. Doctor, business man, lawyer, and accountants will not have the same opinions regarding these residual income ideas due to their different types of experiences. People completely differ in their professional backgrounds, income, and interest. This is just a manifestation that methods they are going to invest in as far as residual income is concerned are also different from each other.
Despite such difference, only one thing can be acquired and that is the best residual income that is best for you. If you’re not equipped with the right skills and knowledge on how to start earning residual income, well there is nothing to worry about as there are already huge numbers of residual income ideas you may try.
Here are some of the simplest, affordable, flexible and less time consuming residual income ideas that you need to invest in towards acquiring the best residual income. Almost all of them I have personally tried or still using.
1. Online Affiliate Marketing
Still part of residual income ideas is online affiliate marketing. By means of advertising your business with the power of the internet and social media, you’re assured to make some high amount of money. Statistics revealed that billions of people are already part of different social media platforms. People are already relying on the internet when searching for essential information regarding products and services. Online affiliate marketing highlights acquiring a good and very appealing website that adds value to the products and service you’re offering. This in result can offer you huge amount of money beyond what you expected.
2. Invest in Stock Market
One of the best residual income ideas is more about investing in the stock market. The stock market is considered to be in the form of purchasing shares at a certain company or investing in some Forex markets. Initial capital required in the stock market is as low as 500 dollars and there are no special skills required. This is an essential example of allowing your money to work after making some transactions in the stock market. All you have to do is to watch how the performance of sales will be working and acquire an income after reaching its highest point for just a short period of time.
This type of residual income I have studied and even made my first investments but decided to focus more on blogging for now.
The Internet offers massive opportunities to huge numbers of people and one of which is online writing. Blogging, academic writing, and eBook are only among those business ventures which are related to writing. One of the most interesting parts of investing in writing to acquire residual income is that you don’t need to be a talented writer.
You just need to invest in the informative and interactive blog, hire a talented and professional writer that will be producing the content, get some aggressive type of marketing strategy particularly SEO and lead some world brands who are seeking advertisements through the help of your blog. Writing can let you earn huge amount of income without investing too much time in this venture.
When I was first introduced to this type of residual income it seems to me complicated. Now I have 2 blogs out there one in my native language about my passion music and this one in English to learn and share more value about success, income, and wealth. In case you do not have a blog yet, here is a blogging platform I use: Kalatu. They have all to start your first blog, step by step courses, number or ready for you templates, even 21 day blogging challenge to establish the blogging routine.
4. Real Estate
Another residual income idea highlights investing in real estate. The risk of such type of venture is very low since, after property development, it’s very rare for you to miss some tenants. The existing rates specifically in mortgage loans imply that people can afford to purchase their own homes. This is just a manifestation that investing in real estate business venture can give you a great chance to acquire a huge amount of money.
You need to remember that investing in real estate business ventures requires a bit high amount of capital and those middle earners of income as well as young professionals don’t have the ability to afford such capital. However, you’re assured that as you invest in such type of venture, more amounts will be returned to you more than your capital.
5. Selling Items on eBay
Don’t be part of messy garage sales anymore as you can acquire residual income as you sell some items on eBay. Check out if you have in demand items at home that can be listed on eBay that can help you to earn huge amount of money.
6. Online Reward Program
Offering the best online reward program can let you earn high residual income as easy and fast as possible. You can also make use of coupons to make the reward programs more appealing and interesting to huge customers.
7. Dividend Stock Investment
Picking some stocks which do not only offer high potential capital gains but will also pay you huge amount of money is still part of residual income ideas. If you can properly manage to collect enough shares from dividend stock investment, your assured of receiving thousands of dollars for doing such venture.
8. Bond Interest
Bond is a payment for your debt where you’re going to collect a certain amount of interest as the loaner. If you effectively manage to buy enough number of the bond, you could effectively create a steady stream of residual income.
An annuity is primarily one of the smartest ideas for acquiring residual income. You just need to hand a particular amount of money to a specific insurance company and they are going to pay you an amount of money every month. This doesn’t need other work and processes as you just need to wait until the insurance company lends you the money.
10. Email Marketing
This is an affiliate marketing where you’re going to make use of your blog subscribers lists in promoting products and services. Lots of people are satisfied with this residual income idea as this increases your chance to acquire a huge amount of money at the end.
11. App Creation
If you wanted to have high residual income, then try to get in touch with app creation processes. Most of the people today are spending a huge amount of money just to download apps that catch the interest and attention. Therefore, you need to create the most in demand and appealing app that could boost people’s interest to download it and pay you an amount in return.
12. Hall Rental
You may also spare time renovating the large building in your place where you can offer an opportunity for a huge number of people in hosting some special celebration. This may give you a great chance to acquire for more residual income.
13. Storage Rental
There are some people who are in need of the best place to keep their stuff are always in search for the best storage place. Well, this gives you an idea to have storage rental business that can give you more residual income.
14. Fitness Gym
If you have more space in your place, then you can turn such place into a relaxing fitness gym. On the first place, you need to invest huge capital to create a fitness gym but once it’s already operating expect for high residual income. You can still work for other important maters while the gym is operating.
15. Small Business
If you really wanted to acquire residual income while you’re doing some important things, then you can create your own small business in the comfort of your home. You’re assured that this can lend you the best residual income especially if the products or services you’re going to offer really suits to the needs of huge numbers of people. If you don’t know where to start here is a business I’ve joined that may help you to make first steps towards residual income.
With the above-mentioned residual income ideas, you’re assured that you be financially free from problems. This is due to the fact that these ideas can truly help you out to acquire a huge amount of residual income. But, remember not to limit yourself to the above-mentioned ideas since there are still lots of ideas you may invest in depending on your situation.
The tricky part in investing in different ventures towards the acquisition of residual income is to identify the service or product you’re going to invest in. You need to choose services or goods that highlight less commitment as far as time are concerned. You also need to choose those things that can offer great potential in generating a huge amount of money for you.
As you have already decided on the service or products, then make use of the best residual income method to acquire great profits, success, and progress in your life. Doing this, you can live life to the fullest knowing that you’re already financially stable.
What if there was another option than working 40 hours a week for 40 years? Would you be interested?