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When I first starting coming up with passive and residual income ideas to try out, I probably found hundreds of ‘m.
The problem is that not all of them are worth your time, and not all of them have the ability to produce a lot of money.
Some only generate a few cents to a few dollars, others are able to generate a few hundred to a few thousand dollars and some are able to go way beyond that.
Your intention may not be to go for hundreds of thousands of dollars in residual income each year. Maybe you’d like to set up a few funnels and earn an extra few hundred bucks each month without having to perform hard labor work.
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I look as residual income ideas as investing into the stock market. Instead of you investing your money into a public company, you’re investing your own time into your own “company”.
Obviously nothing happens without working for it, but the beauty about creating passive income sources is that you in general need to put in a lot of work at the beginning, while afterwards it’ll become an automated process where you just have to spend a few hours each month monitoring your income and funnels.
For those of you who are new to residual income, it’s the equivalent of passive income in the sense that it will generate income without you having to actively work for it all the time.
Without further ado, let’s have a look at 13 residual income ideas I’ve found to be worth exploring.
Blogging still is for me the most profitable and fun way of creating a passive income source. You can earn as little as a few dollars every month, up to hundreds of thousands of dollars each month. I myself earn around $1,500 blogging. That’s a good amount of money for having it on autopilot.
If I were to stop writing and contributing anything today, I would continue to make on that money. Sometimes less and sometimes more. But I continue to work on it every day. And more work means increasing revenue.
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2. App Development
I didn’t know anything about app development, but I was always interested in technology and writing software and code.
So I took on online class at Stanford that helped me understand coding in Swift for iOS and Sprite Kit games, I bought a few books on iOS programming and writing in Objective-C, I took a few classes on Lynda.com and that was that.
I then created my first app, which was a simple version of Tic Tac Toe. It was a huge challenge for me and took me about 4 months to complete. It was easy creating the multiplayer game, because the more you get into it, the more you realize it’s just creating step after step after step.
The hard part was when I had to create the AI. I found some examples online, but had to make a hybrid one as the program I was creating the app in was acting funky and not letting me rewrite some if not most of that code. It was really intense. But nonetheless, it got out and soon it started making a few dollars.
That was my first passive income source I had created. It launched in the app store and every morning I would check my revenue.
Then I decided to learn more about programming and started to learn how to animate and get a little bit more fancy with the UI. After Tic Tac Toe I launched 3 more apps.
They made money alright, but it was not worth the time I was spending on it. I realized in order to make a real money maker, you not only need to be a legitimate programming expert, but you also need a team of at least 2 or 3 people to make it happen.
A whole new world open up for me when I started to learn how to code, and I started learning new languages afterwards that have only benefited me creating more residual income sources.
3. Dividend Investment
I have invested in a few companies that pay out a decent dividend. I’ve had it with risky investments, and have adopted a rock solid system I know use each time I invest. It’s simply called value investing.
I read companies annual and quarterly reports, make sure I understand the important things that are going on and decide if it’s worth the investment or not.
I always make sure the company pays dividends and look at its payout history and other things that will determine if I do it or not.
So far, every month I receive a deposit in my growing dividend investment account. Each month I reinvest those dividends and each next month I receive a higher payout.
4. Membership Site
This is something I’ve been looking into lately. It’s somehow related to blogging, but it doesn’t have to be.
A membership site could be about anything. You could provide exclusive content, videos, worksheets, pdf files. It usually goes hand in hand with blog as you are already drawing in people with your current content.
A membership site is a nice way of creating a monthly recurring income source where you’d only have to provide exclusive content for those members. That can be writing articles just for members, or sharing videos just for them.
A membership will generate revenue monthly, and has the opportunity to increase over time, making it a residual income source as the time and effort you put into the work is not equivalent to the amount of money you will get paid each month. It could be $100 per month or $2,000 each month.
5. Money Making Apps
I’ve already created a list of 26 money making apps that will allow you to earn up to $500 per month if you play it right. It’s not necessarily a form of residual income, but I do see it like that as you would only have to spend a few minutes on your phone each day to reach that number.
We spend more hours on our phone anyways looking at silly videos, so you may as well spend that time making your phone work for you.
6. Write An eBook
Writing and selling an ebook is still a pretty good way earn some extra money. Ebooks often go hand in hand with managing and running your own blog. I know a blogger who has written an eBook and sells it for $25 a piece, having earn over $3,000 in the first month.
The great thing about an ebook is that once your ebook becomes popular, the word gets out fast, resulting in more and more sales.
7. Affiliate Marketing
I absolutely love affiliate marketing. Let me show you why.
For example, you’ve written an eBook. You decide to sell it for $25. Not only that, but you create your own affiliate referral program that will allow people to earn money by referring other people to buy your ebook.
How does it work?
Some buys your book for $25. Along with their copy of the ebook, they will receive their own personal referral link that is linked to their name and email address. They can use that link for one purpose only.
Let’s say they finish the book and absolutely loved it. Your referral link allows them to refer your book to others. If someone else – who is referred by the initial buyer – buys your book using their referral link, the initial buyer can receive a referral commission of let’s say $10.
That’s a pretty enticing offer, because not only can the initial buyer earn their money back this way, but it also motivates them to get you other buyers/readers. Then, that same person can do exactly the same thing.
Imagina 1 person buying your book and referring it to 3 people. That makes an initial sale of $25, plus $75 of the three new purchases, minus $30 referral commission that goes to the referrer, which means that one sale you did, brought in not $25, but $70 without having you do anything for it. Well, you did write the book!
8. Investments Through Lending Club
Lending Club has become one of the most popular platforms to create small investments. This P2P lending laptform has been growing since they’re birth and has received great responses and reviews. Go check them out!
9. Sell A Product
Selling your own product is a great way to receive automated income. There are so many different ways you can go about it.
You can start your own commerce store and sell other people’s products, or even your own.
You can sell your own products on your own blog and present them in blog posts.
10. Make YouTube Videos
YouTube has allowed people to earn insane amounts of money by simply uploading videos. It still is to this day one of the most lucrative business ideas that requires little to no investments.
11. Rent Out Unused Space
Renting out unused space is probably one of the easiest ways to create a source of automated income.
You have space and you rent it out for as long as you want.
Websites such as airbnb.com have made it easier for people to reach potential clients and rent out their available space.
12. Rent Out Your Car
Renting out your car has been a new thing that’s coming up lately.
Turo for example is a website that will allow you to rent out your car through them. They have the ability to show you your potential earnings based on your car type and for how long you decide to rent it out.
They have more info on how they work and insurance questions on their website.
13. Create Your Own Online Course
Creating your own online course can require a great amount of work, but can be extremely lucrative as well.
I’ve seen people earn as much as $100,000 in the first month of their course launch.
I know that a lot of bloggers use this medium as an additional source of automated income, though it definitely requires a lot of preparation upfront!
There you have it! 13 Residual income ideas. Hope you’ve enjoyed!