Ok Ok Ok, I say it a lot on here but residual income is the bread and butter of financial freedom. It is what everyone wants and dreams of because it allows you to make money when you’re not actually working, or trading money for time.
It allows you to go to bed and still money is coming in. It allows you to go on a vacation and money is still being made. It allows you to spend time with you’re family, friends, kids, and still make money. It allows you to pursue you’re dreams, values, degree and still those checks don’t stop.
As the famous quote and someone I know says, if you knew what residual income is, you would run through a brick wall to get it. And it’s true, once you taste and see how liberating residual income is, you would be willing to run through a brick wall to get it, because it allows so much freedom. Freedom to pursue the dreams that are in you’re heart! Freedom to bless so many people!
So what is residual income opportunities out their? There are quite a few to choose from. Your main ones would be real estate, affiliate marketing, dividend income, interest income, business income, write a book, network marketing, create online training or courses, etc. There are more but these are the main ones out their.
Why don’t we look at these options and see what we can learn and maybe narrow it down for you:
Real Estate – Great Option For Those With Capital
Real Estate – Real Estate is a great option to build residual income. Some of the wealthiest people in the world have used real estate to get where they want in life. And it is still a great option for people that want to build into that medium. One downside is it takes a lot of capital to get into.
I first got a taste of residual income from real estate. I bought a house when I was 21 from the money I saved up from my deployment to Kosovo. I am still renting this house out now till this day and has blessed me immensely in allowing me to go to ministry school.
I still like real estate, I think it is a great option for those that have the money to invest and time to put some love and care into the property. If you’re looking to make less of a return on you’re money but have little to do in the sense of property management and finding renters.
There are other options you could look at investing online through this website: Click Here. There is less return but also less headache as the properties are found for you and managed for you.
Affiliate Marketing – Links that Make The Cash Come In
- Affiliate marketing – Affiliate marketing is a great option for those that have found a specific niche they know a lot about (or are willing to learn) and enjoy writing. The way affiliate marketing works is by building a website that focuses on a niche like say weight loss. In you’re writing you could then review and refer people to supplements, products, training’s, or gyms that you like and use.
People then click on a link on you’re site and you will get a percentage of what they buy through that link. The biggest affiliate marketer is Amazon which pays 6% for everything that people buy. This does take time to build but very little capital compared to real estate. Plus you can write and build upon something you love and have a passion for which is huge plus.
If you would like to get started building a free website and learn more about affiliate marketing a great website is Here. I have learned a lot from this website and helped me get my feet in the door with affiliate marketing. In fact if you want to go deeper into affiliate marketing, this is the website to do so. You can sign up for free and that includes two free websites. Again Click Here if you want to know more.
Dividend/Interest Income – The One We Have Heard of Before
- Dividend & Interest Income – We all have heard of these before. Pretty simple to explain. Dividend income is putting money into a business (which includes businesses on the stock market) and these businesses pay back a certain percentage of their income each quarter or year to the owners. Dividend income has a higher income potential than interest rates but their is more risk involved than with the stock market. You can find a great website to start a low fee brokerage account Here.
Interest income is giving you’re money to a bank or loaning you’re money to an individual and they pay you a percentage for using it. These investments are generally the lowest risk but also have the lowest return. This does depend on where you are putting you’re money. If investing in Treasury’s, these are considered the safest but if you’re loaning money out to a friend, this could be very risky.
One way I have found to balance this out and still get great returns with investing in other people is through Lending Tree. Click on link to go to site. You only need to invest $25 to anyone individual so you can have hundreds of loans out at one time, this spreads the risk around.
The cool thing is they do it all for you. Just tell them how risky you want to be and how much you want to invest and they do all the work for you. I am averaging around 7-8% currently with this format.
- Start Your Own Business – Another option is to start you’re own business and once it get’s going enough, let someone else manage it for you and you still receive the income. Depending on the business this is going to take a lot of capital and a lot of work. If you have a passion in a certain industry, a perseverance that doesn’t give up, and some capital, this could be a good option.
- Write a Book – Good option if you have something worthy to write about. Still, you need to have an audience and a good story in order for people to buy. I always think books come later in life, after you have many experiences and you have more of an audience to follow you.
- Network Marketing – I like network marketing because of the ability for anyone to succeed in this industry. It takes little capital and few skills (because of the training’s set up for you). It does take work and perseverance and learning of the right skills to succeed.
- Many people don’t like it because you need to sell to friends and family which I understand is not the funnest. I have found a way around that as well. But really this is a great option for those looking to make residual income. I have done a lot of research in the best network marketing company and I have found it. You can read about that Here!
- Online Training and Courses – If you know become excellent at something, why not train others to do it and make money doing it. Great option for those that have a following and have a special niche they can help others in. Once people see you as the expert, they will want you’re help in this field and be willing to pay for you’re course.
Well, I hope you have a greater understanding of different residual income opportunities out their. If you have any questions, please ask them below in the comment section or go to my contact page which will get emailed to me. And if you want to know what I believe is the best option out their, read about that Here!
I hope you were blessed by this and learned what you were looking for!
Blessings & Grace,