Do you have a money tree or two that puts money in your Bank, while you’re keeping your Cat awake with your snoring?
Residual income is possibly the coolest money you’ll ever earn. It’s basically money that you work for once and those seeds will just keep on giving. Now, that’s not saying that it’s easy money. In fact, it may take many months and possibly years to sow those seeds and nurture them into fruition. But when those seeds finally begin to sprout, then you’re in for a real treat.
So, if you’re still shopping around for ideas, here’s a few to consider:
1. Start your OWN business – If you take the time to build a Business, Brand or Commodity that can be “fully administered and run” without your presence, then that’s as close to a perfect residual income model as it gets.
2. Earn royalties from Inventions, Books, Movies etc –
Let’s say that you came with the idea for a gizmo that changes baby diapers, and does everything in-between,just by placing the Baby on it and pressing a button.
And since you didn’t have the capital to make that project possible (at the scale you imagined), you take it up with an investor who has and somehow that becomes an overnight sensation.
That means you’ll be earning a percentage of every sale that product ever makes until it gets replaced by a baby diaper changing machine that sings, reads bedtime stories and makes breakfast.
The same can be achieved through Book publications, Digital Products, Movies, Songs, Lyrics for a song to just about anything that can be “leveraged”and “distributed” after the initial production.
3. Buy some Real Estate – It’s one of the few assets in the World that just keeps going up in value every year, regardless of the location and temporary hiccups in the economy. But there are a dozen ways to get this wrong. And there’s also so many loopholes you may be advised to exploit. So, get someone who knows their stuff and is ethical before getting into real estate.
4. MLM Marketing – MLM opportunities are dime a dozen nowadays and many new MLM companies are going bust every year. But, if you sign up with a company whose been in Business for a considerable length of time, have a giant cookie jar full of verifiable testimonials, AND presents an opportunity that resonates with your identity, then that could well be your ticket to freedom.
MLM opportunities require very little overhead to start and run. And in addition to making commissions off the sales you make (possibly recurring), you also earn a slice of what your downline makes (for as long as they feel like selling).
5. Recurring Income Affiliate programs – Whilst it’s not a great business model on its own, it can work wonders when associated with a high traffic blog that people like and trust.
When signing up with affiliate programs,always check for “Customer testimonials”, “Earnings Per Click” and only promote products and services that you personally use or know to be reliable.
6. Your own Blog or Website – If you’re selling anything online, you’ll eventually need a website of your own at some point.
Sure. You could always use a third party website, a social media channel or a marketplace like eBay or Amazon, but I personally don’t like the idea of building my entire Business in someone else’s backyard.
It’s okay to use third party platforms as supplementary streams of revenue. But nothing more than that.
Also, if you build a blog with a substantial loyal following and readership, then they’ll be receptive to just about anything you recommend, even if it’s a toothpick.
7. Stocks, Shares and Bonds – Once you have established one or more income streams, then start diversifying your portfolio, so that you don’t have all your eggs in one basket. But remember that all investments carry some degree of risk. So, always do your due diligence first.
8. High-Interest Savings Accounts – Whilst savings accounts don’t give you as much of a return as any of the above options, it’s possibly the safest option there is. But in the long run, the compound interest that your savings generate could outweigh your existing income streams.