Residual income is my favorite kind of income but it allows you to make passive money while you are making active money, and in some cases it can make you money for a lifetime. Residual income is partly why the rich continue to get richer which is what we are all here for; right? The following are 5 of the easiest ways to generate residual income with little work on your part.
1. Let the Bank do the Work For You
Gaining interest from the bank is one of the easiest, oldest, and most popular forms of residual income. The only problem is that your returns are very minimal, especially if you do not have a lot of money to being with. A savings account is ok, but it you are going to go this route I would suggest something with the potential of higher dividends like bonds or certificates of deposit; always talk to the bank manager to find out what your best options are because they will do anything to get the most of your money possible.
Everyone knows that traditional stocks can net you a lot of money, but they can just as easily stop your cash flow in its tracks; but did you know there is another type of stock that can net you cash on the side? Some stocks pay dividends to their owners as a little thank you from the company for owning their stocks. Now, this isn't enough to retire on but it is a nice little Christmas bonus and one piece of the puzzle to living solely off of residual income.
The future is here and it is pretty great! You don't have to be tech savvy or even own your own website to blog any more. If you choose to go your own way it might be slow starting off but if you build up a readership you could be making a decent chunk of change sharing something you are passionate about. If you don't want to go through all that work to create a website or don't think you have enough content for an entire blog look to profit sharing websites like Triond, Hub Pages, and Daily Two Cents to makes a little on the side. My favorite is Daily two cents because they pay lower, but their pay is guaranteed unlike others.
4. Affiliate Marketing
Almost every major retailer and many independent sites offer affiliate marketing opportunities and if you are really good at it you can make a ton of money doing nearly nothing at all. It works like this, you sign up to sell a product, you are given a specialized link to the product, and for every purchase of the product from your link you get a percentage of the profit; usually between 30 and 70%. Many major retailers like Target and Amazon want proof of large viewership before they will allow you to join, but sites like Click Bank let anyone sign up and if you are a smooth talker you could have all of your Facebook friends feeding your pocket in no time.
5. Make Money Off of a Creative Idea
Much like affiliate marketers and profit sharing websites there are product creation websites who would love to share the profit from your ideas. Sites like Zazzle and Cafe Press allow you to put your ideas on items like shirts, cards, and mugs and split the profits with them. You bring the ideas, they give you the platform and everyone wins, especially since there is no expiration dates on the items you make.
The Dollar Dad isn't about pinching pennies. He is about making and saving money in interesting way to live the best life you can.