It is now easier to get rich without stress by way of residual income than any other way which is legit. That is one way to allow your money make more money for you even without any significant additional efforts on your part. If you invest well, you get to make money 24/7 and in 365 days of the year. That includes even while asleep. Sounds fantastic, I suppose? These here are 6 smart ways you can get it done.
01. Earning Royalties. Royalty is the income you earn from your creative efforts. If you’re a talented musician, actor, comedian or author, you could earn royalties from your work. That is the money which accrues to you when people pay you for using your work or creative assets. It runs in perpetuity for so long as such work appeals to people.
02. Renting out Your Property. You can rent out any property you own to earn income during the period you are not using it. These days, it is easy to earn cool cash from renting out your home while on vacation or your vacation home when not in use. You can also rent out your garage, parking space, or unused office space. That allows you to earn quick and steady supplemental income without really doing anything else extraordinary to earn it.
03. Blogging. The essence of blogging is to earn a significant following online from people who are interested in the information you have to share. Perhaps the most popular way to earn a passive income online is by launching your own blog. It is fairly easy to set up but you must have a considerable and useful knowledge base you want people to learn from. If your content becomes popular enough, you quickly gain followership. Next step is to monetize the blog to earn residual income by selling advertising and earning commissions on products promoted on the blog as an Affiliate.
04. Investing in Stocks or Shares. Your initial investment entails buying shares/stocks in a company. When you invest in company stocks, it makes you a stakeholder in the company. With that, you are then entitled to a share of the company’s annual profits if declared. Investing in stocks has been a popular way to earn a passive income for many years. Now with the internet, it has become easier than ever to research and invest in stocks on your own and in the comfort of your home/office.
05. Earning Commissions. If you have a popular website or blog which attracts good online traffic, you can promote products on it to earn commissions. With Google adsense, you are treated as a publisher for advertisements and you earn commissions rated by way of Pay Per View or Pay Per Click, that is PPV and or PPC. That generates substantial residual income depending on how popular your site is and how much traffic it gets.
06. Selling Your Own Products. The products you can sell can either be eProducts or physical products through your own online eCommerce store. If you’re knowledgeable in a certain area, then you can start creating products, such as eBooks or videos for sale on your website or blog. These products may take a lot of work to create and set up, but once all the leg work is over, you can just sit back and collect the proceeds when the orders start to roll in. Even if you don’t have anything of your own to sell, you can start drop shopping. This is where you sell products for a company on eBay or Amazon and they’ll take care of everything else, including shipping. You just earn your commissions.