Picture yourself finding the right residual income opportunities that paid you over $5000 per month. How would your life change if that were to happen for you?
Would you be:
Driving the same car
Living in the same house
Taking bigger and better vacations
Pay off your debt
Remember though, residual income is passive income that you earned from work you did in the past. That means you’re no longer needing to trade your time for this money. So while $5,000 might not seem like enough to live the life of your dreams, if you understand the formula and can identify the right opportunities you can easily scale that up to 10k, 20k, or even more than 30k per month.
For many people that kind of money is simply not possible, but to you it is. Why do I know that? Because you’re reading this article and searching out HOW to do this.
Plant your own money tree with the right residual income opportunities
You probably heard when you were growing up that money doesn’t grow on trees? While that’s true, in a figurative sense building a business that pays you residual income is basically the equivalent of planting a money tree in your back yard, watering it, and watching it grow.
As you know, most trees don’t grow overnight, and neither will your residual income money tree. But with a little TLC and by taking massive action every single day, it will start growing.
What is residual income?
Wisegeek.com, a site that prides itself on providing clear answers to common questions has this to say:
“… residual income is any income generated through indirect involvement with something. This is more properly called passive income. Rental income, royalties, website revenues and portfolio dividends are all means of generating this kind of income.”
Authors, song writers, patent and name/likeness licensors, landlords, investors, some attorneys, internet marketers and many type of business owners all earn residual income.
People from all walks of life earn residual income. It doesn’t matter what kind of education you have, how tall or good looking your are, or what your faith is. There are many different models and ways to earn a residual or passive income.
The key to building a sustainable business is to identify the right opportunities that will allow you to do the work once, and earn forever on it. I’m going to focus though on using the internet as my favorite means of doing so.
So how do you identify the best residual income opportunities?
Since most of us are not going to be the next famous author, or song writer. And most of us don’t have a bunch of properties that we own paying us a monthly income off the rent. I’m going to have to look at residual income opportunities that ANYONE can do, online, from the comfort of their own home.
The internet has created more millionaires than the rest of the business opportunities in the history of the world combined prior to it’s inception.
Why is this though?
The answer is simple. Because when you do the work once on the internet it’s there to stay. Here are the two very best residual income opportunities for people looking to work out of their home.
1. Affiliate Marketing – If you’re not sure exactly what affiliate marketing is, let me share the thoughts of Darren Rowse?
“Perhaps the simplest way to explain affiliate marketing is that it is a way of making money online whereby you as a publisher are rewarded for helping a business by promoting their product, service or site… in most cases this involves you as a publisher earning a commission when someone follows a link on your blog to another site where they then buy something.”
What that means is you get paid a commission when you are able to help bring a buyer and seller together on a product you don’t own.
The way you’ll usually do this is by creating a blog, or even a video channel on YouTube, and start promoting various products and services. You can promote literally anything online and make a commission for it. As long as you have a passion for something, you can promote it to others who share the same passions.
Did you know many of the popular shopping sites are actually run by affiliate marketers selling other companies products? Pretty much any time you do a search for a product review online, you’re going to be reading the review of an affiliate trying to make a commission by promoting that product. Usually if you’re searching for something general like “treadmill reviews” the one with the highest rating is usually the one that pays the best commission.
Affiliate marketing is one of the best ways to get starting in building a business that pays a residual income. Because the cost to get involved with this type of opportunity is usually very little. There is also no overhead or physical products that you need to ship yourself. You simply need a computer, a domain name, hosting and a few promotional tools. That’s it. You are in business.
The only problem with residual income is sometimes products lose their popularity. So you might end up promoting something that you spend time working on, and the product is either discontinued or a brand new model comes out. The commissions on physical products can also be pretty small. For example the affiliate program for Amazon.com pays from 4-8% commissions.
2. Network Marketing -Network marketing or Multi Level Marketing, is basically like affiliate marketing, but with multiple levels. This means you not only are going to earn a commission when you make a sale, but also when your team is able to make sales. Typically the commissions by your down-line are going to be small, but they do add up as you’re able to make your own sales as well as build a team of people who are able to duplicate your efforts.
Picture yourself earning a residual income on all sales produced by a team of 10,000. That’s what you would be able to call a real passive income!
This is a great income source, but it’s not something that will be built overnight. Typically it will take a few years to build up a substantial income in the multiple 6 figure range.
3. Internet Marketing – This really isn’t any different than the two models above. It’s actually the same, but for the purpose of this article I’m looking at it as selling your very own products online. With the possibility of even setting up an affiliate program of your own to get others to sell your products.
As I said above, the internet has made more millionaire than any other business model combined. You can literally sell your very own products in just about any type of niche you have a passion for. The internet creates a huge demand for information. What kind of information do you know that others will pay for?