Residual or passive income is the ultimate goal to strive towards. Do you, however, know what the best residual income opportunities are? Today, we’ll try to answer this question and shed more light on passive money making.
What could be better than putting the initial effort in and allowing your labor to pay off in the long run? That’s precisely what residual income or passive income opportunities enable.
Making residual income is possible on one condition – you still have to work on building the foundation that will keep on delivering. Thus, there isn’t such a thing as 100 percent labor-free income generation. Residual income, however, keeps on coming long after the work is done. Hence it appeals to free-spirited individuals who don’t want to spend all of their time doing work (whether in an office or as freelance professional).
In the world of residual income generation, it’s also very important to create multiple ventures that bring in cash streams. In the very beginning, you’ll probably see limited monetization. If you want to grow the income and eventually become fully-reliant on passive income, you’ll probably have to think about a portfolio of opportunities, all working together to give you the outcome you want.
Before exploring some of the best residual income opportunities out there, we’ll quickly define the concepts and the reasons why it’s such an attractive possibility.
What Is Residual Income?
Before examining some of the best residual income opportunities, let’s answer the question what is residual income.
Residual or passive income is a money stream that comes without you having to work for it. Having a nine to five job isn’t residual or passive income. Writing a book and continuing to earn from it in the years to come is passive income.
How does residual income work? You typically create a product that continues delivering returns through the years. The same applies to investing in something like real estate.
Residual income appeals to most people because you don’t have to keep on working for it. While a bit of marketing after writing an ebook will be essential, you still get income for the product you created a long time ago.
The good news is that residual income can be generated in multiple ways. Here are some of the best residual income opportunities. Most of these are suitable for beginners and while patience will often be required to start seeing results, all of the techniques have significant income generation potential.
If you’re wondering how to make residual income and you’re a good writer, you should think no more. I love ebook writing and I consider it one of the best residual income opportunities to test out in 2019.
Ebook writing is, in my opinion, is very reliable and it has a massive monetization potential.
Can self-publishing books on Amazon, for example, can give you enough money to help you quit your day job? The short answer is yes.
The longer answer is that you either need a massive hit or you need a portfolio of books. The larger the set you create is, the more income you’ll see coming back to you. Multiple books are also ideal for promotion – you can reference your other works in the end, getting curious readers to explore your other creations.
Your income will depend on numerous things when you publish ebooks.
Amazon, for example, gives writers royalties in the 30 to 70 percent range. Many other marketplaces also exist and they provide excellent opportunities for reaching a bigger number of potential readers.
Apart from publishing on Amazon, I also use Draft2Digital. Draft2Digital is a publishing service that has your ebooks submitted to lots of marketplaces like Barnes&Noble, Kobo, Scribd, Apple Books, Playster, Bibliotheca, OverDrive and many others. In essence, it simplifies the process of having to publish to each one individually. Draft2Digital does withhold a commission for the service but it makes access to different marketplaces hassle-free.
In the beginning, it’s important to start with something simpler to test the market. If your first book is a success, you can move on to the next title that will help you generate a steady stream of residual income.
Blogging for Affiliate Marketing Monetization
While blogging does require ongoing efforts, I still rank it among the best residual income opportunities.
The reason is simple – every single blog post you’ve created in the past will bring you money.
A blog can be monetized in so many ways. It can even be turned into a residual income business. Affiliate marketing, however, is one of my favorite opportunities.
Affiliate marketing offers a lot of flexibility. There are all kinds of products you can advertise to make residual income. There are cost per lead, cost per action and cost per sale campaigns.
The one thing you need to understand is that you need sufficient traffic to be making residual income through blogging. Thus, you will once again need to work on developing the popularity of your blog. Once you reach this point, the money will begin coming in.
As far as coming across the best affiliate marketing opportunities, numerous platforms offer great options:
- MaxBounty : offers access to a wide range of offers, there are additional stimuli and perks for members, new affiliate opportunities added on a daily basis.
- Flex Offers: another huge platforms that offers both cost per sale and cost per action campaigns. New affiliate opportunities are added on a daily basis.
- Commission Junction: is probably one of the best-known platforms but it’s much more selective. You have to apply to each individual campaign and if your traffic is lower, chances are that you’re not going to get approved for numerous opportunities.
Investing frightens many people who don’t understand the specifics and who worry they may lose a lot of money due to the lack of knowledge.
Micro investing comes as a viable option for building
passive income online. Various tools are already available, enabling you to
generate residual income even if you don’t have a lot of knowledge.
Micro investing deals with smaller sums. Acorns, for example, allows you to invest your spare change via a managed online platform.
You can set aside leftover change from everyday purchases. Acorns creates a managed portfolio for you. When you link a credit card to your Acorns account, you can benefit from the extensive partner network and cash back on your purchases. Thus, you’ll be investing some of the money you already spend on everyday essentials.
Acorns offers several ways to invest and you can learn the essentials by signing up for an account.
Get Residual Income on Your Purchases
You can be doing your everyday shopping and making residual income.
Cash back apps like Ebates provide such opportunities.
Ebates helps you saving money on the essentials you need to buy anyways. The Ebates partner network is extensive and you can find a large selection of brands. In addition, Ebates applies automatic coupons and gives you access to good deals.
This isn’t a standard residual income generation opportunity. Still, you will be saving some money on items you need and you can invest the money in just about any opportunity you’re drawn to.
Shopkick provides a similar opportunity. You can get gift cards that are delivered digitally to your phone. You earn points each time you shop and these can be transformed into free goodies.
Shopkick also allows you to earn points for walking inside a store, taking pictures or scanning barcodes. Hence, there’s no need to spend money in order to benefit from the available monetization opportunities.
Alternative Investment Options
We live in a world that gives you access to numerous investment possibilities. These rank among the best residual income opportunities because your money will be growing and you will not have to work for it.
This is true for individuals who aren’t investment professionals and who rely on managed services to grow their savings.
I’ve compiled a list of a few interesting alternative investment options that can result in the accumulation of residual income:
- Swell: this managed investing service enables you to invest in the portfolios of various companies. The Swell platform focuses on businesses that are making a positive impact on the world right now – renewable energy, green tech, disease eradication and clean water businesses to name a few. The online platform enables easy investment monitoring and the companies included in the opportunity are monitored and carefully selected by the Swell team. Click here to set up your Swell account and benefit from a 50-dollar bonus to get started.
- BitIRA: as the name suggests, this opportunity focuses on cryptocurrency investment for your retirement. The cryptocurrencies in focus include the bitcoin, ethereum, ripple, litecoin and various others.
- Digit: this is a very cool service that enables better budgeting and that also enables you to put the money you’ve saved in an account that will generate residual income. Digit allows you to set a goal, whether long-term or short-term. Saving over the course of three months will give you a one percent saving bonus and a saving account in a secure bank will be created on your behalf. Get started with Digit now to benefit from a 30-day free trial.
- Cryptohopper: an automated trading platform, Cryptohopper does the work instead of you. It allows for automated trading and strategy design on the basis of 130 examined indicators in the world of cryptocurrencies.
Build an App
Developing your own app is similar to ebook writing in the sense that you’ll be putting your effort in making a product just once. Next, you’ll be building passive income online through sales.
Mobile apps are a great choice because the market is expanding all the time.
You can easily do competitor research in the app store to find out which ideas have already been brought the reality and what the best-selling apps have to offer.
Even if you can’t develop an app on your own, you can still pay a professional to execute the project. This is one of the best residual income opportunities because the cost of development is relatively low and the income generation potential is unlimited.
Rent Our Property
Investing in real estate has long been one of the best residual income opportunities.
You buy a property just once. Next, you start renting it out. Depending on the sum you invested in the property, you can start making a profit after a certain number of years of renting out real estate.
Foreclosed properties are a good choice in this instance .
You will have to spend less on the acquisition and you can begin making residual income sooner.
Sell the Articles You’ve Written Online
If you’re wondering how to make residual income online, here’s one easy and fun opportunity.
Do you write? Do you have a portfolio of articles stored on your computer? If so, these can generate some money for you.
Online marketplaces give you a chance to upload pre-written articles and to set a price. Once a buyer comes along, they can decide to acquire your text.
There are numerous article marketplaces out there.
The Digital Point marketplace is an established forum and a community where you can sell a wide range of digital products, including content and articles.
INeedArticles is a website that has projects you can write for clients but it also features a digital content marketplace. Upload pre-written texts, set your price and wait for a customer to get interested in one of your texts.
Finally, you can sell articles through your own website. This is yet another great idea that can turn into a residual income business.
Sell Your Photos and Art Online
Similar to selling articles, selling photo and artwork licenses can also help you generate residual income for stuff you’ve created in the past and no longer need.
Stock content websites are always looking for new contributors. Each time one of your photos is purchases, you’ll get paid a commission.
The trick here is to once again have an extensive portfolio. If you feature a photo or two, chances are that you’ll make a few bucks per year. To make the residual income stream substantial enough, you’ll need to be selling a bigger number of art or photo licenses.
Build a YouTube Channel
Here’s a final suggestion that could be making residual income for you.
Building a YouTube channel is a great choice for those who have niche knowledge, some editing experience and the desire to make videos (rather than create a website or a blog).
YouTube videos feature ads that are relevant to the respective audience. These ads allow YouTube video creators to earn an income.
The best YouTube channels that have a solid audience and millions of view contribute to massive monetization opportunities.
This strategy is considered passive because even the videos you’ve uploaded in the past could be earning an income.
Start by doing a bit of research. You’ll need to fine-tune your idea and you’ll also need to know your target audience. Spend enough time on this research and on conceptualizing high quality videos. You’ll need to be promoting your channel. Solid social media presence or a website will come in handy to establish your popularity in the very beginning.
Sell Domain Names
The domain name is a website’s address.
If you’re clever enough to buy popular domain names that companies could be looking for, you can end up generating a lot of residual income.
The one thing to keep in mind about this approach is that you’ll have to invest money before you see any returns. While domains aren’t expensive to acquire, you should still do the math in advance.
Here’s a detailed guide that sheds more light on how to make residual income by buying and selling domain names.
Complete Minor Tasks Online
While this isn’t exactly an opportunity for making residual income, it necessitates five minutes per day. The bucks you generate this way can be set aside and used to finance some of the other best residual income opportunities.
There are many websites out there that will pay you to complete small tasks.
You could be paid for browsing the web, watching videos, doing surveys or playing games. As you can see, these activities don’t demand skills or experience.
Some of the best platforms you can try to earn a bit of income through the completion of minor tasks and surveys include:
- InboxDollars: one of the biggest and most popular online survey websites. If you sign up now, you will get a five-dollar bonus that will be credited immediately to your account. InboxDollars features online surveys, as well as other tasks you can do for cash. Each survey you qualify for comes with a tag that indicates how much you can earn. The pay per survey is 0.25 to two dollars and you’ll need about 10 minutes to finish each.
- Survey Junkie: another market leader that gives you 25 points just for signing up. You collect points for each survey and these can eventually be turned into cash. You will receive an email invitation for each survey that you qualify for and most surveys pay between 0.10 and 0.90 dollars. You can redeem via PayPal or you can opt for gift cards.
- Swagbucks: as per the official Swagbucks presentation, the platform has paid out over 329 million dollars to its members. You earn points for each task you complete. The points can then be turned into cash (that you can withdraw through PayPal) or a gift card of preference. Creating a Swagbucks account is easy – all you have to do is enter your email address to get started.
Final Verdict: Making the Most of the Best Residual Income Opportunities
These are just a few of the best residual income opportunities out there.
To get the best results, you should do your research. If you’re investing, choose the right app. If you’re creating a product, learn a bit about the market and the needs of your target audience.
It’s also important to remember that residual income generation requires patience.
While some have made a lot of money quickly, the process is gradual for most people. Take your time, build your portfolio and continue expanding. Eventually, you will start earning a few dollars that will convert in a much bigger sum. As long as you’ve chosen some of the best residual income opportunities and you work on all of those, your portfolio will keep on growing.
Do you know what the best residual income opportunities are? Are you using any of them to generate passive income? Share your experience in the comments below – let’s have a fun discussion about this money making method.