Any income which can be earned passively even after the person has stopped working is Residual Income.
It is the one-way millionaires and billionaires use globally, to remain consistent with their financial status. The investment to build residual incomes needs strategy and a keen eye for business. Who doesn’t like surprises and especially one which is loaded with funds? Residual income is one way of ensuring that your life keeps on surprising you and here are 10 ways to build it without any delay.
10 ways to build them:
- Put your home and Apartments on rent
Websites like Airbnb which lets you put your villa and luxury house on rent is one way of earning without any investment. Moreover, it helps you in maintaining your already consolidated properties. Other real estate websites are the right platform to put one’s home and apartment on rent for longer duration and for an appropriate price.
- Peer-to-peer lending
Involvement of banks can be a hectic process sometimes. Although banking is always the safest alternative but to put some amount of money in your inner circle for it to come back years later is not a bad idea either.
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- Lending vehicles
Many newly launched websites and travel agencies let us rent our vehicles to tourists or travelers. Considering other options, this one is the most feasible as one can easily make money out of a vehicle which is being used less and spends days waiting for a ride around the corner in our garage.
- Owning a production house or a YouTube channel
Vloggers are earning in thousands and if there is any celebrity name attached to it then the sky is the limit. With every subscriber, they move towards a higher figure of earnings. If you believe that you lack creative ability to create content on a channel then you can always hire someone to do that for you or to buy the whole channel with a good base of subscribers is always a wiser choice to make.
- Stock market investment
Depending upon the experience with stock market one can either hand-pick few stocks to invest in or invest in a couple of Index funds. The only downside of this lane is that it requires comparatively large investment to see any considerable benefits. To choose better investment plan many brokers and guides are available online and offline to help through the lanes of Wallstreet.
- Books, movies and songs
Not every individual inherits the talent of writing but this door leads to the palace of royalty (amount depending upon the success) for a lifetime. This creative investment is popular amongst students with an inclination towards arts and music.
- Create an App
In the age of Smartphones, Apps are obvious hits. Many students, as well as tech-freaks, are coming up with brilliant ideas for Apps which optimizes our lives in one way or another. Certain skills are required to build an App but a person with a great idea can always hire an expert to create an App on their behalf.
- Create a website
With the market overflowing with an e-commerce website, several opportunities have budded in the process. Business or not, market always have space to squeeze in one more brilliant idea for trade and services. Depending upon your budget of investment, dealings of a website can be limited to your locality or it can go international as well.
- Working with AdSpace
If there is any chance for you roaming around the city in your vehicle then AdSpace gives you money exactly for that. This requires you to move around the city with a banner stuck around your vehicle.
- Come out of debt
This one may not sound like an investment but it is most important to build any Residual Income for solidity. Living a debt free life is a dream of half of the population. To create a future without any worry of debts is one way of ensuring that all Residual Income comes into your pocket only.