Money doesn't grow on trees but you can sure make it seem that way by building and growing a passive residual income. Passive residual income is money you earn that doesn't need your direct involvement. Basically you perform a money-generating activity just once but continue to reap the rewards again and again over time. You can literally make money while you sleep! Who doesn't need that in this tough economy?
Additionally, if you are savvy enough to leverage your income (use others to perform the initial or continued maintenance of the money-generating activity) then you will be well on your way to achieving persoanl and financial freedom. Whether you are employed, unemployed or underemployed, it is a good idea to take advantage of at least a few of these methods. Developing multiple income streams is how the wealthy become rich and stay rich.
things you'll need:
- Computer with internet access
- Bank account
- PayPal account
SAVE YOUR MONEY!
I know what you're thinking...'How on earth is this related to earning a passive residual income?' Well my friends, the fact of the matter is that simply depositing a few bucks into an interest-bearing account can have a long-term positive impact on your financial future. This is the simplest way to earn money by doing practically nothing and will be an important tool to remember as you continue adding the other money-generating activities mentioned below. Open an interest-bearing checking, savings or money market account and make regular deposits. You could also explore stocks, bonds and mutual funds as additional ways to invest and build your savings. The keyword here is interest-bearing!
OPEN A PAYPAL ACCOUNT!
This is a must for two reasons: 1)this will allow you to accept credit card payments and residual income securely and easily, and 2)you can convert your balance to an interest-bearing money market account. The ability to accept credit card payments will greatly increase your chances of success regardless of which money-generating activity you choose to create your passive residual income. Also, PayPal has the added convenience of you being able to link your bank account and transfer funds between the two. A further perk is that if you get the PayPal debit Mastercard, you will earn cashback rewards! See the Resource links at the end of this article to get started with your PayPal account today. It's completely FREE!
BECOME A SUBJECT MATTER EXPERT!
There is probably something that you are really passionate about and could share what you know with others. Take a look at your hobbies, skills, experience and education. What do you know? Once you have identified a subject or two, get started learning all you can about it. Once you become a subject matter expert, there are literally hundreds of ways you could transform that skill into a passive residual income by spending a relatively small amount of time and/or making a really low investment just once. You could write a blog, create ebooks, present a workshop, create cds or dvds and all kinds of other media by applying the knowledge you have gained in that subject. Whatever you decide to do, make sure you get a website to leverage the power of the internet as a marketing tool. For more information on how to establish yourself as a subject matter expert, check out my related articles.
WRITE, WRITE, WRITE!
If you've already followed my advice about becoming a subject matter expert then this part should be relatively effortless. The internet makes it easy for anyone with information to share to make a good passive income from writing. As mentioned earlier, ebooks and blogging are two great ways to get started with writing for money. Your ebooks are digital products that you can automate on the web so that you do not have to be actively involved in selling your product. Create the ebook, develop your advertising copy on the web, and place your PayPal merchant buttons; then sit back and let the ebook sell itself. Blogs make money by placing third-party advertising such as Google Adsense. You can also add your affiliate marketing links to any related content. It is pretty easy to monetize your blog. In addition to ebooks and blogs, there are several article hubs, just like eHow, that will allow you to publish your quality articles and collect on a share of the advertising profits. Most sites require you to have a PayPal account to receive payment. Several of these article hubs are linked in the Resources at the end of this article. You could also write a traditional book and self-publish it on sites like Amazon or Lulu. You will collect royalties on the sale of these for as long as they are in print.
OTHER IDEAS TO EARN A PASSIVE RESIDUAL INCOME
This is a short list of a few other ideas but with a little creativity you can come up with your own unique ways to make money while you sleep by developing a sustainable passive residual income.
Sell stock photography
Purchase rental property
Invest in vending machines
Invent something (patent)
Create a membership website
Tips & Warnings
Don't forget to create financial goals that include creating savings and emergency funds!
Spending wisely and frugally will aid you in meeting your goals so create a budget and stick to it.
Beware of internet scams. If it sounds too good to be be true then it probably isn't true. Check out network marketing opportunities to ensure they are legitimate before you invest your time and money.
Work-at-home opportunities are NOT passive income. There is a great amount of time and energy (and sometimes money) you must invest to earn a decent income. While these can work, your focus should be on making money you don't have to think about.