First of all, let’s discuss passive income: what is it, and how to obtain it. In my very first article on this blog, published on Feb 19, 2015, I discussed passive income. I talked about how earning income from multiple streams, as opposed to only one source, such as a J.O.B., does take time and effort – up front. I mentioned that the more multiple streams you have, the less likely you will be entirely financially impacted by something negative that may harm your “one and only” income stream.
Having multiple streams of income reduces your risk – financially speaking, but it also increases your cash flow since you’re not only relying on one J.O.B. or only one income stream. Now, with that stated, setting up multiple income streams that require a bit of work or ongoing attention may be too overwhelming. There are so many hours in a day, after all. However, there are income streams that produce ongoing residual income, and those that produce residual income are the best way possible to increase wealth.
Residual Income:
Residual income, of course, continues to produce income after the work is done, and it serves as the basis of many vehicles (multiple) income producing strategies. In fact, many of the opportunities listed below can generate income even while you’re sleeping! How’s that for passive income! Therefore, this article will identify some of the best residual income businesses that people can implement to increase their multiple streams of income and build long-term lasting wealth.
The Best of the Best Residual Income Businesses:
- Become a Blogger and/or Affiliate Marketer
- Build an Online Store
- Cafe Press
- Zazzle
- Infinity Arts & Gifts Gallery
- Make & Sell Your Own Products – Art, Handmade Items, etc.
- Market Art/Crafts/Gifts on Infinity Arts & Gifts Gallery
- Drop-Ship – Other People’s Products
- Google Ad Sense – Sell Ad Space On Your Site or Blog (24/7)
- Sell Banner Ad Space on Your Site or Blog – (24/7)
- Build an email list – Email Marketing Affiliate Links
- Offer Online Services which can be a myriad of different services:
- Offer Professional services, starting at $5 !
over at Fiverr
- Web Developer / Programming Expert / Hosting Provider
- Graphic Design – Sell Templates or Pre-Designed work
- Consultant: Strategic / Business / Finance / Marketing – Limited Hours on a Per Month basis (LHPM)
- CPA / Bookkeeping Services
- Paralegal Services
- Secretarial Services
- Tutoring Services
- Editing / Proof Reading Services
- Write Articles, Guest Blog, Write Stories, Write Ad Copy, Publish Books, Self-Publish Books, etc.
- Create You Tube videos and/or sell ads on them
- Social Media Management / Social Media Marketing
- Marketing Services
- Giant Postcards
- Text Message Marketing
- Direct Mail Marketing
- Customer Service
- Travel Agent, etc.
- Offer Professional services, starting at $5 !
- Multi-Level Marketing (MLM)
- Ebay Business:
- Sell your own products or Search & Find other products:
- Search/Find antiques to Re-sell
- Search/Find books to Re-sell, etc.
- Sell your own products or Search & Find other products:
- Investments:
- Stocks, Bonds, Mutual Funds, Index Funds
- Precious Metals:
- Gold
- Silver
- Platinum, etc.
- IBC – Living your Life Insurance with the Infinite Banking Concept
- Real Estate:
- Find, Fix & Flip Properties
- Buy & Hold Properties (Landlording)
- Tax Lien Certificates
- Earn Royalties and/or Licensing Fees
- If you’ve written books, poems, songs, taken photographs, or invented something
- Developed an application (“App”) available for download
- Developed skins, templates or “Themes,” for web sites available for download
- Surveys / Mystery Shopper
Multiple Pieces of Pie
I may come back to this particular article to update it from time to time, but, for now, this residual income business list should serve as a good basis for those who are interested in implementing multiple income streams while they are either “otherwise employed” with a full-time job, wish to work part-time, and/or to enjoy the flexibility that many of these opportunities would allow.
Future articles will discuss each of these various strategies in more depth. But, no matter which opportunity, or opportunities, may strike your fancy, they all have one thing in common. They are all valid avenues to help you create multiple streams of passive residual income to build long-term lasting wealth.
To Your Success!
Ty Jord
These days you have so many options for creating passive income online. Trouble is, people expect it to be a matter of signing up, and money should flow.
It takes work to build it up, but once that ground work is laid, you’ll be rewarded greatly for your efforts. You’ve cleared up a number of things here in this post, and have offered some great examples, great post.
Best wishes.
Ty
MsMoneyHoney
Why Thank You Ty! Again, thank you for your visit and your input! I really do appreciate it!
Joe
I’ve always been a big proponent of building multiple streams of income.
By diversifying, if you will, your income you are much more secure than if you rely on just one source. You made excellent points here.
MsMoneyHoney
Thank you for your visit and your input – Joe! They are much appreciated!
Maria
Hi Ivan. It isn’t about URL’s anyway. Don’t confuse residual income with that Internet get rich stuff – very different. Most of the income streams I use, do not require me having a website.Here are some of the areas I am involved in:I have many income streams, from companies who pay me annual licenses to use my work within their business. This is not only my largest residual income stream, it’s also my largest income stream by far!I have another income stream, from the audio program on this site (see link in top menu bar.) That program alone has earned me more than the value of my house, since I invested a day of my time recording it, 4 years ago!I have various affiliate incomes, such as the Headway banner you see on the right hand side of this page.I have several advertisers on my other blogs, such as those you see here on http:thetechnewsblog.com who pay to advertise there. I don’t sell advertising there, people buy it (BIG difference)I also have several income streams from other people’s audio programs, which I helped them author. I wrote the work once, then each time a sale is made by them, I get a percentage.I own some land, which I bought 8 years ago and now rent to a farmer. The land is almost paid for and income from 2012 onward will be largely profit.I hope those give you a taste of what I mean.
MsMoneyHoney
Yes – Great Job Maria! Multiple streams of income from a variety of sources! That way, you lower your risk of anything negative happening in any one industry. And, yes, I see you own land as well! Good Job! Thanks for the visit!