How many times have you seen those "It's Monday again" posts on social media, where everyone is dreading the responsibility of having to get up and go to work as part of their routine schedule?
Working for a living is admirable, and theres certainly nothing wrong with hard work, but relaxation is nice too, and wouldnt it be great if you could make money without having to constantly trade your time for it? Well, with enough groundwork and research that is perfectly possible using one of the following four residual income streams:
We listed this one first because it is perhaps the most overlooked and least popular, yet theres tremendous opportunity to be had in the ever-expanding hosting industry. Heres how it works: You purchase a reseller plan from a hosting provider and they equip you with all of the tools and resources needed to start a fully functioning hosting business and website. All you need to do is focus on your own branding and getting clients and your income stream is set. Check out this page for more info.
Starting a blog or informational site is a bit more difficult and involved, but if youre able to make it a long-term success it can also be the most fulfilling. Eventually, after youve built up a verifiable monthly income through advertising revenue on your site, you can sell it at auction for a large lump sum. Many people engage in this practice which is referred to as "site flipping". Alternatively, you can continue to create additional sites to build on your existing residual income.
Developing apps isnt as challenging as it used to be, as there are now so many different platforms and educational tools that can get you started. Furthermore, there are simple app making tools available that eliminate the need to learn advanced programming languages. Furthermore, in addition to making residual income from the advertising revenue and downloads generated by your own apps, as an app developer you can also sell your skills on freelancing sites to earn funds by the hour or by the project.
Although launching and maintaining an online store will require some form of ongoing effort (just like all other forms of residual income), the tasks involved are nominal compared to jobs that pay hourly or by salary. In fact, if you start a drop shipping business, youll never have to store or purchase any merchandise – you simply provide the shipping details to your supplier and they send it directly to your customer for a small commission.
In closing, its important to remember that, in most cases, establishing any type of residual income requires much more dedication and persistence than you would have to exercise working a conventional job. You might find yourself making next to nothing in the first few months, even after working 12-hour days and studying the business around the clock. The buildup is very slow, but once youve put in enough work youll start to see steady results in the form of a much-appreciated residual income stream.