10 Residual Income Ideas to Make More Money

Ever dreamt of cash flowing to your bank account while you are golfing or doing nothing? Well, that isn’t impossible or much difficult. If you have a passion to grow your money and can put in little effort, you can make more money sitting at home. 

Thanks to growing technology, you don’t need to work for 8-9 hours a day forever to build a luxury life or at least make a living. There are many residual income ideas to make more money. Wondering what is residual income? The income you earn while not necessarily working for a long time. Simply put, you don’t have to work for hours or every day. Instead, you need work once, set up everything, and watch your income growing over time. So, all it matters is planning. Meaning you need to choose the right plan that suits your interests and skills. Below are the 10 best residual income ideas to make more money. Have a look at them and build your passive income streams to reach your financial goals super fast.

Invest in Real Estate

Okay, this might scare you if you are a beginner in investing your money to grow it. But this is one of the lucrative options to make more money, of course, you need to take risks. In case, if you are on a tight budget but need some cash in the future, then consider crowdfunding. Meaning you will invest on a large property as each member paying a little amount. You can gain money monthly from rental properties or wait till you see a big hike in prices and sell. No matter what, you can only gain profits with the land. However, you need to research well before you buy a legit and profitable property.

Stocks and Funds

If risking your money is not a big deal for you or you have some knowledge on the stock market and mutual funds, you can simply go ahead and invest in it. Ensure you research and study well about stocks and trading, before you put in your hard-earned money on their table. To stay on a safe side, diversify your investments by picking different stocks. Or you can invest in mutual funds and Exchange-Trade-Funds that are specialized for high yield returns. If you feel you can’t manage your stocks and funds portfolio, you can seek help from Robo’s advisor.

Make sure whatever you chose protects your money from inflation.

Read: 10 things you need to know about a stock market correction

Online Savings Accounts

One safe way to grow your money taking no risk is opening an account in online banks that offer a higher interest rate. Agreed, you can’t make tons of money with a savings account but you can relax in any situation as your money is safe in the banks. However, you need to choose a bank that operates or even insured by FDIC.

Peer-to-Peer Lending

The other way to grow your money easily is through Peer-to-Peer lending AKA P2P lending. Companies such as Lending Club help you meet both individuals and businesses that need loans. So, with such companies, you can lend them money, either your whole investment amount to a single borrower or divide it among multiple needy. APY can be between 5.99% to 35.89%.

Become a Blogger

Okay, now that you have seen residual income ideas that need an investment of money. Unlike those, this needs your time and skill. If you love to write and enjoy educating audiences with information or subject you know, then blogging is the perfect way for you to make more money. All you need to do is pick a profitable niche, build a blog, and create content. Anything you know can be a micro niche for your such as grooming pets, or a popular niche such a food. The secret here for success is posting consistently to serve your niche audience. You can make money through ads after you gain certain organic traffic or SERP. The other popular way to make money is affiliate marketing. You can promote products of others in your blog and give an affiliate link. Whenever your user purchases the product through your link, you get paid.

Start a YouTube Channel

If you are passionate about entertaining others, then you can simply start a YouTube channel. Again, you need to pick a niche here to start creating content to serve the audience of such a particular niche. You can earn income through affiliate products and ads after your videos reach 4000 watch hours (in the past 12 months) and 1000 subscribers.

Read: How much money 1 million YouTube views make

Rent Out Your Space

Rent out a spare room in your house with Airbnb and make handsome money. You can even rent out your garage or some space in your backyard as a storage space or parking space. Most Americans find it difficult to store their stuff. So, explore sites such as Airbnb and make residual income renting out your unused space.

Read: Make money renting out your space

Rent Out Your Car

You can not make money by renting out your space but also used stuff. Yes, rent out your car when you are not using it and let it make money for you. Register on websites such as Getaround and list the availability whenever you are at home or not using it. 

Become an Affiliate Marketer

Become an Affiliate Marketer and add chunks of money in your account. If you have a free-traffic driving blog or an impressive Facebook, Instagram, and Twitter accounts, you can simply promote the affiliate products that your audience might find useful and make money. Simply put, you need to be at least a micro-influencer to make more sales. More sales mean more money. So, start growing your presence hence your branding to attract more people. 

Read the best affiliate marketing program here.

Sell Pictures

Yes, you can get paid to take pictures. If you love to take pictures, then you are already standing chances to make money. Sell your photos of any kind, nature, adventure, corporate culture, or food, on platforms such as Shutterstock, Fotomoto, Adobe stock, etc. You get paid when someone buys your pictures.

Sell eCourses

You can make more residual income through eCourses. Say you can teach how to do copywriting effectively or design or develop software, then you can create e-learning courses on Udemy, HubSpot, and make money when somebody purchases your course. You can also try out writing eBooks and podcasts and make money by sharing something you excel in.

Wrapping Up

Setting up a residual income stream or two or even more is not a difficult task if you have a passion to make money doing something you love. Not to mention, you need to consistently pay attention to it and plan it properly while watching cash flowing to your bank account. So, choose the options wisely based on whether you want to invest time or your money.

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