Do you want to make money while you sleep?
Or maybe you just want to create a stream of passive income that will provide financial security for you and your family.
If so, then you need to learn how to create residual income.
Residual income is the holy grail of income generation – it's regular, reliable, and doesn't require much effort on your part once the initial work is done.
In this blog post, we will discuss 7 methods for creating residual income.
Create a residual income stream from rental properties
One of the most common methods for creating residual income is through rental properties.
If you own a property that is generating consistent cash flow, you will have residual income coming in each month – even when you're not actively working on the property.
In order to create a residual income stream from rental properties, you'll need to find a good deal on a property and be prepared to manage it yourself (or hire a property manager).
BRAND NEW! The Secret "Property Hacking" Formula That Quietly Spins Off Cash Flow From Properties
Invest in residual income-producing assets
Another great way to create residual income is by investing in assets that will generate consistent cash flow over time.
For example, you could invest in a real estate investment trust (REIT) that owns income-producing properties.
When the REIT pays out its dividends, you'll receive residual income from those payments.
Similarly, you could also invest in a mutual fund or another type of asset that focuses on generating residual income.
Create residual income with a side hustle
Starting a side hustle may be the way to go if you're searching for a long-term revenue source that doesn't need much upfront investment.
A side hustle is simply a business or project that you start on the side in addition to your regular job.
It can be something as simple as starting a blog, doing freelance work, or selling products online.
Once the side hustle is up and running, you can continue to receive residual income from it month after month – even when you're not actively working on it.
marketing minute with matt
Let the king of online marketing (my mentor) teach you how to fast-track your path. Hands down, some of the best training and community of aspiring entrepreneurs. You can get started today for less than a pair of wrangler jeans!
Start a business and create residual income streams
If you want to create residual income that will provide you with financial security for the long term, then starting your own business is a great option.
With your own business, you can create multiple residual income streams – each of which will provide you with regular income even when you're not working on it actively.
Some examples of businesses that can create residual income include online businesses, network marketing businesses, and consulting businesses.
Invest in residual income-generating assets
If you're not interested in real estate or starting your own business, then there are still plenty of ways to create residual income.
One option is to invest in assets that will generate regular cash flow over time.
For example, you could invest in a bond that pays out regular interest payments, or you could buy shares of a dividend-paying stock.
By investing in residual income-generating assets, you'll be able to create a steady stream of residual income that will provide you with financial security for years to come.
Create residual income through royalties
If you're a musician, artist, or author, then you can create residual income through royalties.
Royalties are payments that are received by the creator of work each time it is used or sold.
For example, an author might receive a royalty payment for each book that is sold.
Or, a musician might receive a royalty payment for each song that is played on the radio.
By creating residual income through royalties, you'll be able to continue receiving regular payments even after the work is created.
Use residual income to invest in yourself
Last but not least, one of the best ways to create residual income is by using it to invest in yourself.
For example, you could use residual income to pay for courses or workshops that will help you improve your skillset.
Or, you could use it to invest in equipment or tools that will allow you to work more efficiently. By using residual income to invest in yourself, you'll be able to increase your earning potential and create a more secure financial future for yourself.
Marketing Minute with Matt: My number one method for creating residual income, which does require some training if you are new to online marketing, is affiliate marketing. Check out my article about how to start an affiliate marketing business for yourself.
There are many different ways to create a residual income – each of which has its own benefits. By choosing one or more of the methods listed above, you'll be able to build a steady stream of residual income that will provide you with financial security for years to come.