Residual income involves getting paid multiple times for just one product or service. This strategy makes it possible for you to continue to earn an income with very little continued work, something many people only dream of. And, with the right planning and tools, you could make this type of income a reality.
When I first learned about residual income, often called passive income, I had no idea that it was really possible to make money while you sleep. I was skeptical and thought it was just too good to be true. So I decided to delve into educating myself on the subject, then applied the knowledge and now I have multiple streams of income with residuals recurring month after month. This has given me the time freedom I was searching for and I couldn’t be more thankful for this way of living.
When you strategically create something that allows you to earn money continually, over a period of time, you are building a stable financial future. With today’s economy, many people are looking for secondary incomes, and a residual income could be the perfect solution for you. This type of income can also give you more freedom and the flexibility you need to live the life of your dreams.
First, identify what you are passionate about. Earning a residual income is more enjoyable when it allows you to be involved in things you love. Ask yourself what you want to spend your time doing, and then use that as the basis for your residual income strategy. Your strengths and passion will help you create a plan that will work for you. If the idea of making more money seems daunting, work with a residual income coach who can help you create a plan and learn how to make this type of lifestyle a reality.
Rental Properties – It is very possible to earn residual income through real estate. Investing in, renting and selling properties can be a very lucrative way of life. With this approach, you will be able to set your own schedule and earn money while the worth of your properties increases. To make residual income through real estate, you will need to make wise investments and then have the patience to wait until the right time to sell or take out the equity. Once you do sell or take out the equity in a property, you can invest in another or add the profit to your income.
Informational Products – Many people are able to earn a residual income by creating and then selling an informational product. The key to this strategy is to make sure your product has something new to offer, appeals to a strong market and provides information that won’t become outdated quickly. Some common informational products that can help you earn a residual income include:
- Ebooks or Printed Books
- Mobile Applications and Software Packages
- Video Tutorials and Self-Guided Courses
- Slideshows and Workbooks
- How-to-Guides and Webinars
Of course, this is only a small sampling of the type of products you can sell, and when you use your passion to help you determine what to create, your personality will shine through and your final product will have that special “something” that makes it popular. It can be relatively simple to advertise and sell an informational product with a website, blog and social media. When you sell a product like this, you will put some time and resources into it once, and then enjoy the earnings over an extended period of time.
Websites or Blogs – People who maintain a website or blog can earn a stable residual income by selling advertisements, securing sponsors, requiring a membership fee and using affiliate links. While this approach does entail some continued work in the form of adding information to your website, the income you earn will require some basic foundational work, but will continue to pay off over a long period of time.
Network Marketing Home Businesses – Another excellent way to earn a residual income is through a network marketing businesses. These businesses allow for optimal flexibility and when done right, can have big payoffs. The key here is to work with a good team that will help you make the most of your opportunities. You can learn about network marketing through my new book Creating Freedom – what you need to know to be successful in network marketing.
Stock Photos – If you have an eye for design and a passion for photography, you could turn your hobby into a channel for residual income. Selling stock photos makes it possible for you to earn continued income from a single photo. There are lots of publishers and third-party companies you can work with to get your photos out there, or you can build your own business and have complete control over your work.
There are so many ways you can create a residual income and start making more money. This approach can help you do what you love and live your dream lifestyle. Start by identifying your passion and then find ways you can use it to create an income strategy that will continue to pay off with limited or no continued work.
To find out more about how you can make money through residual income, contact me here. You’ll learn how to start earning more money while adding more flexibility to your life.