If you really want to master your money you’ll have to learn to implement some residual income ideas. People out there like to call these passive income ideas, but they are far from passive. What you can expect though when you implement some of these ideas are the residual financial benefits. Sure some of these are more passive than others and some of them take more money to start, but there are some residual income ideas that are completely free to start, so we’ll start there.
Zero Startup Residual Income Ideas
Is tweeting really in this list of residual income ideas? Yes! it is. That’s right you can earn some residual income from your Twitter account. For this to work well you’ll need a twitter account will a lot of engaged followers. There are companies out there that will pay you to sponsor a tweet to all of your followers. There are even services that will post the tweets if given the authority to do so. Read more about using Twitter to make some extra income.
Can you put together an article that conveys a message that’s useful to your readers? Consider freelance writing for other sites. There are some sites that will pay you an upfront fee as well as give you the opportunity for some residual income from the ongoing pageviews that your article generates. Article writing is often one of the first residual income ideas attempted by those just getting their feet wet in earning a little extra income using your computer.
Looking for something a little more flexible, why not try writing your own blog articles. This is probably one of the easiest residual income ideas to get started with. You can get started for free on sites like Blogger and WordPress. Some of them like Blogger even have advertising opportunities built right in to the platform so it’s easy as clicking a few buttons. Remember though, that building a reader base is what will help you earn and sometimes this takes time.
Almost everyone has a camera, even if it’s the one on their phone. Did you know you can take pictures and post them on sites for sale. Some you can list and charge a price and some will let you just post the picture and pay you for page views when people come to see your work.
There are hundreds of different ways to do this. I’ve seen niche sites that are geared toward a specific product category with affiliated links back to the supplier. One of the most popular ways people get started as an affiliate marketer is to join Amazon’s associates program. You can pick the products right off of Amazon’s site and they create a link and some code for you to copy and paste in your website. Getting started is simple, but like blogging, building a network of people that want to come to see what you have to offer is where the work is. Once you get there you can earn some of that residual income.
If you have a specific expertise in an area and are willing to teach other people your skill you could create an ebook. There are lots of them out there on almost every subject imaginable. If you have a pretty good writing skill and can relate your stories and experiences well you may be onto something. You could even sell your ebook on your own blog or get it listed on Amazon.com.
Residual Income Ideas that require Investment
Probably one of the more expensive residual income ideas, renting properties often takes a lot of start up capital or the willingness to go into debt. Rental properties are far from passive income if you plan on doing it yourself. Be prepared to do all kinds of repairs and deal with all kinds of people. It’s not that it’s a bad idea just make sure you understand what you are getting into. With rental properties you can earn current residual income from the rent as well as having the potential to earn additional income on the gain from the eventual sale of the property.
Investing in stocks is a great residual income idea. It’s probably the most passive of all of the ideas listed here. You do have to do your homework to find stocks that pay dividends that you are comfortable with. One thing you have to also realize is that a majority of stocks that pay dividends will pay around 6% or less. Once you start getting into stocks that claim higher dividends than that you are taking on more risk. Another upside to investing is stocks is that they can increase in value, but remember they can also go down. Make sure you understand the risks. Learn more on making money with dividend stocks.
Create an App.
I debated whether or not to put this residual income idea as free or investment required. For me, it would definitely require an investments. If you have a good idea and are willing to hire a developer to help with the programming you could earn a good residual income from selling the app on popular sites like Google Play and Apples iTunes. Another alternative is to give the app away for free and sell advertising with it.
There is a myriad of online businesses you can start out there and you’d be surprised at some that are successful. Here’s one I found really interesting: www.prairietumbleweedfarm.com. This may not sound like a residual income business, but think about it, the tumbleweeds grow naturally, so they are not really farming them, simply gathering them and selling them online. Sounds too easy, right? There are many online services people provide, or products that are sold that can help you build a residual income.
Get out of Debt.
What you don’t think this is a form of residual income? Think of it this way. If you owed $5,000 on your credit card and were being charged 15% interest, you would be paying $750 a year in interest. Want a $750 raise? Take that $5,000 you were going to invest and pay off your credit card and you’ll have an instant additional cash flow of $750 a year. Getting out of debt accomplishes the same thing that these residual income ideas do, extra cash flow!
Whether you are looking for a residual income idea that’s budget friendly (FREE) or have a few dollars in the war chest to help you get started there are numerous residual income ideas waiting for you to take a chance, and build a successful income source for yourself.
In the words of Mark Twain, “The secret to getting ahead is getting started.” What are you waiting for? Take action today!