The one thing about creating residual income is that it leads to other residual income opportunities. You see, success breeds success. And the more success you have, the more you want to experience it again. That is the true self starter attitude and it is the attitude you will need to be successful at creating the residual income opportunities we have listed below.
Residual Income Opportunities
Start a Website
If there is a topic that you are passionate about, starting a website is a great way to turn a hobby into residual income. There are so many different topics to choose from and many of the best websites have yet to be created. And even though it may seem like the internet has been around forever, the truth is that there are still Millions upon Millions of opportunities out there!
The key is…To get off the couch and get started! There is no better way to learn how to build an income producing website than to get busy creating your own website. It probably takes at least a year of hard work and determination before you will begin to see the fruit of your labor (some residual income streams) but your learning curve is also going to skyrocket as you continue to press on and leave other sites in the dust. Plus what other business opportunity is going to allow you to get started with literally little or no capital!
Real estate continues to be one of the top ways to earn residual income while you sleep. One of the best ideas I have ever heard is to buy a triplex or fourplex. You live in one unit and rent out the other 2 or 3 units. If you qualify for either a VA or FHA loan, you can get the property for 5% or even no money down. In cases like these, you are essentially using other people’s money to make money, as you finance the majority or all of the property and have your tenants pay your mortgage.
And after 2 years has passed, you can do it all again!
Despite being a fantastic residual income idea, this is one idea that many avoid recommending because there’s a potential to lose money. However, there’s going to be a potential to lose money (or time) in all of these solutions when not done correctly.
So…As long as you’re careful and research methods of finding genuine opportunities, peer-to-peer lending is a great way to make a residual income stream. With no real effort on your part required, you lend money to other people and you receive interest back over time.
Not sure how to get started?
No sweat, there are plenty of online companies that will help you get stated including companies like Lending Club. Now our only advice here would be to only invest what you are willing to lose and be sure to spread your investment out to many different lenders so that if one “borrower” turns out to be a bad investment, you won’t lose all of your money.
Whether it’s a room in your home, a parking space, a vehicle, or anything else to which you have access, why not lease it out for some money? If you live close to a train station people use to commute into a big city, a parking spot could earn a nice sum of money without really having to do anything in return. Furthermore, Airbnb could earn you money as tourists and business people rent a room in your house as they travel. Finally, if you have the money, you could even invest in a property and allow people to rent it while you live elsewhere.
Create an eBook
While blogging requires constant effort, there are some residual income ideas regarding content that don’t need the same investment. For example, an eBook will need your time at the beginning but then you can forget about it while people buy it online. In order to see long-term success with this one, you’ll need to offer information that can’t be found with a simple Google search. Furthermore, it needs to remain relevant and offer a topic that’ll help people in five years just as much as right now. Once it’s written, you can send a tweet every so often but it largely sells itself.
How to write an eBook.
So, the best way to write an eBook is to find a topic you are passionate about and then read everything on that subject. Don’t just read the stuff you agree with, but challenge your own ideas with some stuff that you consider controversial or just plain wrong. The more you dive in and learn, the more you will be transforming your mind and thoughts. Over a period of time you will be able to take all the information you have processed, the notes you have taken and your own personal antidotes to create your own eBook.
Now put it in Amazon and get to work on marketing. Over time you should start to see some residual income. And if you have really created something special, the new stream of income may help you create other streams of income, or give you the time to write another eBook.
Create an Audiobook
With this guide, we want to suggest solutions you won’t find elsewhere as long as the most popular options and this one certainly falls into the former category. Did you know that audiobooks are gaining in popularity once again? While everybody focuses elsewhere, you can take advantage of the trend and share your skill or humor with the world. Much like the eBook, it needs to add value and it needs to be relevant. Today, people listen to audiobooks when cooking, exercising, walking, commuting, and even waiting in the doctor’s office.
Try Some Money Making Apps
We have put together our list of top money making apps. One in particular that helps you save money and make money is the Acorns app. With Acorns, you can earn Found Money when you shop with certain companies. In addition, you can save money by rounding up purchases. Overtime, your investment account will grow through your investment return, Found Money and rounding up. You can put the app on autopilot and simply watch your residual income grow.
Develop an App
In truth, this solution is a popular one but it’s also one you’re unlikely to find elsewhere these days. For a while, the market was saturated and we thought everything that could be produced already had been. Now, we’re at a time where new technology is being introduced, such as AI, and there’s a distinct lack of quality with apps. If you have a genuinely good idea and you’re not just producing the app for money, there’s no reason why you can’t see more success than those who didn’t deliver on their idea.
If you’re looking for some truly unique residual income ideas, this is certainly one route to take because it’s something not many are doing. What’s more, it’s something that not many can do because they don’t have the creative talent. If you have an ear for music, you could help a business or individual with their jingles and audio clips. If you want the income to be passive, you can upload jingles to a sharing website and receive money every time it gets purchased. As with most solutions we have here today, the initial investment will be required because the jingles need to be high-quality and they need to attract buyers with limited input from yourself.
Do you go to different places each weekend just to try and take some shots with your camera? Rather than having your creations just sitting on your hard drive, why not upload them to a sharing website and earn some money? With sites like iStockphoto, Shutterstock, FOAP and Clashot you can do exactly this. Since you’re taking the shots anyway, you might as well make some money in the meantime; good quality pictures always seem to do well and, let’s face it, it’s a very easy source of income. T
Buy a Blog
Earlier, we dismissed the idea of blogging since it’s an activity that needs regular input from yourself. However, did you know that there’s also opportunities to invest in blogs? Each year, blogs are abandoned or put up for sale despite their success. Rather than starting from scratch, you can buy a blog with the audience already attached. If it still needs blogs every so often, you can pay a freelance writer to write on your behalf and you’ll still enjoy the income the blog generates.
Be a Silent Partner
If you have some money to invest, this doesn’t mean you need to start a business and play an active role. These days, there are people with ideas who just need the financing and you can be the person to provide it. As a silent partner, you make your investment and then leave control to the other owners or managers. While they handle the day-to-day responsibilities, you earn an amount each year proportionate to the amount you invested in the first place. If the business keeps growing, your profits will get larger and larger over time.
Become an ATM Vendor
As long as you get the relevant permission and find a good location, did you know that you can set up an ATM? With outside ATMs, they can charge $5 per transaction and sometimes even more than this. Although it isn’t fully passive because of the maintenance required, you’ll also need some money to start with this idea, it makes for a great opportunity. As long as the ATM is placed cleverly, it’ll get used multiple times each day and these small fees soon add up to help your bank balance.
Buy a Food Van
Requiring only a small investment with the van, more people are now choosing to go down this route before then hiring somebody to take it to the right locations and make money. If you’ve got a job, you can pay somebody else to run it on a daily basis. If they have experience in the food industry, they should be able to choose a simple menu and offer street food that the locals will enjoy. With just a couple of hours each lunch time, you could turn a good profit. However, the money is really earned when you have opportunities to sell at sports events, festivals, and other events.
Crowdfunding Real Estate
Moving away from the unique (and costlier) business ideas, we’ve already suggested the possibility of leasing a property but not many of us have the money to buy a property on a whim. Therefore, you’ll need to utilize other opportunities that come your way including crowdfunding. With a minimum investment of $500, you can invest in property and receive shares over time. With platforms like Realty Shares, you can actually hand-select the properties in which you would like to invest; Fundrise is another platform gaining traction.
Buy Vending Machines
Recently, we met somebody who owns vending machines and they make a large sum of money just with one helper who goes around ensuring they’re fully-stocked every week or so. Although it seems like one of the more outlandish residual income ideas we have here, vending machines often become available on sites like Craigslist. Whether you introduce them to your current business or completely outsource the maintenance as you get them into local gyms and businesses, this can be a passive income idea because they don’t normally need filling more than once a week. Therefore, you pay for an hour of work as your helper collects the money and fills the machines with goodies.
Create a Training Course
Earlier, you saw the opportunity to write an eBook which is great…if you find a niche. With online training courses, it’s easier in this regard because you’re selling a skill, process, advice, or information to people who want to learn. As mentioned before, the information you provide must be unique and genuinely helpful but your range of topics are limitless from SEO to buying a house, starting a website to saving money. After the course has been created, it should earn money long into the future.
Lose the Bad Debt
After battling with this one for some time, we’ve decided to go ahead and use it because, ultimately, it fits into the theme of residual income ideas. Every year, US residents pay billions of dollars in interest alone. If you were to clear your debts, the money you were previously paying would be yours to keep. Depending on how much money you owe, you could end up earning more than every other idea on this list. With the interest rates you’re saving each year, this is higher than any return you’ll find in the stock market.
Sell Ad Space…On Your Car
In the business world, brands are fighting it out for ad space all over the internet and all over the real world. Every year, businesses are collapsing because they just can’t compete. Therefore, they’re looking for out of the box solutions; something that can be found with ‘Carvertise’ and similar services. As long as you drive a certain number of miles each day, you can wrap your car in an advertisement print and earn money for the pleasure.
Try a Turnkey Business
Finally, there are certain services in life that will always be essential. With a large percentage of the population living in apartments too small for a washing machine, laundromats are one example and they’re for sale all over the country. Most of the time, the equipment will be installed already and all you need to do is hire a manager and keep the profits. Rather than starting from scratch and purchasing all the equipment, you buy a turnkey solution where everything is set up in advance.
Why is TermLife2Go, a life insurance agency, writing about residual income?
Great question! We are passionate about helping people break out of the money rut. We want to see everyone succeed and so we put together articles that we hope our visitors find useful in escaping the rat race.
Our primary goal is to help everyone get cheap life insurance. But our next goal is to help everyone obtain better financial health. And we realize that sometimes you have to help people achieve the latter before you can help them achieve the former.
So what are you waiting for? Give us a call today to see what we can do for you!
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