I first heard the term ‘residual income’ when one of my best friends told me that he wants to generate some residual income streams so that he can leave his 9 to 5 job, and get more freedom mentally, and obviously, financially. That night, he discussed some ideas that he had in his mind, and we decided to brain storm more ideas when we would meet next. After that meeting, I researched how to be creative in earning residual income, and find out some ideas that were of our interest.
Fortunately, there are a number of ways to earn residual income every month, but almost all of these ways require some time, efforts, investment, or all of them up front.
I have compiled a list of “Top 3 smartest ways to generate residual income,” and here I am sharing it with you, so you can get benefit from it too.
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Top 3 Smartest Ways to Generate Residual Income:
Out of the several ways of earning residual income, some ways are used offline, while others are used to generate residual income online. In my list, you will find both.
Invest in A Good Rental Property:
Real estate is one of the best investments you can make, especially if you buy some good rental properties. A rental property is a one-time investment, after which you can enjoy the rent every month without any additional effort.
Although it sounds very easy, you need to put efforts to research and find the best location before you finalize your deal. You also need to check the condition of the building and see whether you need more money to renovate the space or not. You can learn more about the factors that you need to consider before investing in a rental property by clicking here.
If you do not have enough investment to buy a rental property, you can rent our any of your extra bedrooms. A friend or anyone from your extended family will be a perfect tenant, but you can also sign up at Airbnb, and rent out your whole property or any part of it. Sometimes, you can even rent out your backyard to people for camping.
Build a Course to Sell Online:
All of us have some sort of knowledge or experience that we can teach others. That could be anything technical, weight loss, life management, anger management, or educational.
Sharing this knowledge with others through a series of videos cannot only satisfy your hunger of sharing but also make a residual income stream for you. There are many platforms where you can sell your courses online. One of the most used platforms is Udemy.
You can sell your course there with little effort. The best thing is that you only have to create a course once, and then you can keep selling it for months, sometimes even for years.
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Publish E-books:
There are many authors online who sell hundreds and thousands of e-books every year. Kindle market has an enormous potential.
Choose a topic of your interest, research it, put all the information together, and publish it. I am not saying that publishing an e-book is a piece of cake. It definitely requires lots of efforts at first, but then that e-book can be a continuous source of residual income for a considerable amount of a good time.
If you want to know how to write a good e-book, click here.
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Adil Rasheed
Professional Content Writer
Social Scene
BeSocialScene.com