Colom Newbie

Have you always been curious about what residual income is or how to make it? Do you want to start padding the bank without having to work even more hours? If so, this article can tell you a little bit about residual income.

We all know how linear type pay works. You work a certain amount of hours and are paid for those hours. When you stop working, you stop making money. This is how most of us live our life. Residual pay, however, continues to bring in money even after your initial work is over. There are many ways you can start a stream of recurring money.

Earning royalties off of something you have personally created is a great method of passive revenue. If you have written an ebook, novel, screenplay, or song, you can sell your rights to a respectable company. You will then be paid a certain royalty amount every time your product is purchased or used. Actors, singers, and musicians also get paid every time their performances are aired or copies are sold.

When creating an extra flow of money comes up, most people instantly think about real estate. This is definitely a way! Purchase any type of real estate that you can rent or lease out for continual pay. You can rent out office buildings for a good profit. Buying low income housing and renting them for a monthly fee can also be lucrative. If you already have a bit of money to put into it, finding and buying a nice beach house or cabin can be a substantial gain due to tourism.

If you want an even more passive approach, you can always put your money in a savings account. Find a respectable bank with a good interest reward and deposit your money. Your work is now over. Your money will continue to grow while you go about your business as usual. This method truly does involve virtually no work. Besides, it's always good to have an emergency fund just in case anyway.

Joining an associate program online can offer extra profit. It is not always a recurring stream, though, depending on the program. Find a business you like, join their affiliate program, and promote their product. It can be done through email, websites, or word of mouth. Your ID you are given will be used to track your referrals back to you. When someone makes a purchase, you will make some cash.

For writers, self-publishing can be a lucrative endeavor. It is a profitable alternative to publishing houses because you will not have to share your money and can pocket every bit of it. You can also decide how to market your book and for how long. You do not have to deal with trying to get the attention of a publisher that already has to deal with best-selling authors and numerous manual submissions every day.

Residual income is an easy decision. Would you rather just bust your butt your entire life and still come up short or generate multiple streams of consistent revenue without the work? Simply find the strategy that interests you and run with it! Now you can go on that African safari you've always wanted!