Friday, May 18, 2018

Ways To Passive Residual Income

By Stephanie Ross


In order to make a living, most people have a traditional job where they might work weekdays and go to the office everyday. While this is fine for many, there are some who wish for something more. Perhaps they would like to be their own boss, or develop a way to make money without having to go to the office each day. If they would just set up Passive Residual Income streams, this could be a reality.

In order to figure out the best type of passive income, you must learn what it is exactly. It entails an initial investment of either time, money or both, then it begins to work on its own to give you a stream of passive residuals. These add up, and it is like having an extra paycheck each month or quarter with little additional effort.

A great and very common way to establish this stream of money is to invest in real estate. If you buy a house or condo, you can fix it up if it needs it, then instead of moving in yourself, you rent it out to others. You can usually charge far more than your mortgage and pocket the rest of the money. That is easy money each month with only an upfront money investment and whatever amount of time it took to find and vet your new tenants.

There are loan groups you can join, some in person and others online, that allow you to make what are called peer to peer loans. This requires money up front, but once your loanee starts repaying, you get to keep the interest as residuals. Loaning money can be tricky, so websites like Lending Club screen applicants for you, requiring even less time and effort on your part.

The stock market may be trickier, but it is also a good way to earn passive income. Instead of actively investing yourself, you can find an investment professional with a good, solid record and open a brokerage account with them, allowing them to do the investing for you while you sit back and reap the profits.

By far the easiest way to turn your passive income into even more money is to simply put it into the bank, with the right account. Skip over depositing into your checking, and instead go with a high-yield savings or money market one instead.

Of course, not everyone has the ability to invest large sums of money up front. That is where using your skills and some ingenuity comes in. If you have good writing skills and know a lot about a topic, you can write an e-book and sell it online. Places like Amazon handle the transactions for you, and you only have to write the book once to profit for months or even years to come.

If the skills you want to write about are better seen rather than on a page, then grab a camera and film yourself instead. You can use services like YouTube to get views and earn money. You can use a basic video camera or even a high-end cell phone and start earning money on your area of expertise while having fun to boot.




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