Need a little extra cash? Fortunately, these days you don’t have to pick up a few side jobs if you want to earn a bit more money. For the most part, with some imagination and internet access, you can easily create a source of passive you’ll be able to profit off of for years to come.
Ready to start earning some spare cash? We’re here to help! Here are five simple ways you can begin building residual income today!
1. Create a Webinar
Do you have any particular skills? Whether you’ve mastered the art of candle making or excel at video editing, you have what it takes to create a lucrative online course.
Thanks to sites like SkillShare, practically anyone can create, market, and sell an online course. The best part is once you build your webinar, all that’s left is for you to post your creation, sit back, and wait for the passive income to start rolling in.
2. Rent Out a Room
One of the most often overlooked residual income ideas is renting property — generally because most people do not have any spare property to rent out. But, you don’t need to own a building or a second house to become a “landlord.”
If you own your home and have a spare room, you can rent out that space for a little extra cash. While many homeowners use this method to help cover the cost of their mortgage, if you’re willing to live with roommates, it’s also a fantastic way to earn some bonus spending money.
3. Write a Book
Whether you have a wealth of niche knowledge to share or are just proficient at spinning a particularly saucy yarn, another fantastic passive income idea is writing and self-publishing e-books.
Once you complete and publish an e-book, you’ll be able to sit back and collect revenue for every copy you sell. The best part of self-publishing online is that you don’t have to worry about wasting any of your profits on printing or agents. The key to finding success in generating passive income from self-publishing is to publish new books regularly.
4. Sell Stock Images
You don’t need to be a professional photographer to make a living off of pictures. If you have a smartphone and a decent eye for photography, you can easily create a residual income by selling photos on sites like Shutterstock. Keep in mind that the best way to find success in the stock photo market is by keeping your pictures as general as possible — try to take photos of the types of things you’d see on business brochures.
5. Start Investing
Finally, one of the oldest and most common ways to create passive income is through old-fashioned investments. That said, if you’ve never invested money, this idea can seem a bit intimidating.
If you have any questions or concerns about investing or managing your finances in general, check out WealthAbility.
How to Build Residual Income
Now that you know how to build a residual income, it’s time to get to work!
Are you looking for more advice on how to earn residual income the easy way? We’ve got you covered! Check out the rest of our blog for more helpful articles today!