Before we get started in analyzing and exploring things, I wanted to give you guys 10 simple examples of residual income ideas.
To break it down again, residual income sources, are ways that earn money without you actively having to work all the time. Better known as passive income sources.
Let’s have a look at 10 legitimate residual income ideas.
1. Renting Out
Renting out an empty space, room or apartment is one of the most popular passive income sources. This because a renter will bring in a monthly payment on a continuous basis without you having to actively work for it.
2. Investing in Dividends
Investing is probably the second most know way of creating passive income sources.
You don’t always create a residual income source if you invest, that’s why it’s important to invest in companies and stocks that pay you back a dividend.
Popular methods of investing is reinvesting your earned dividend into that same stock so that its value keeps on increasing, which eventually could get to a point where you’ll receive a decent payout and you can start cashing in those dividends.
This may not be familiar to you, but blogging is an excellent way of creating passive income sources.
There are bloggers out there who earn over $100,000 PER MONTH via their blog, while just spending a small amount of their time managing their website.
It’s true that a managing a blog requires a ton of work at first, but once you have everything down and all set, it’s all automated income.
That’s the absolute beauty about blogging. I even made it my main job because it is just so awesome. It allows me to work whenever and however much I’d like, while continuously earning income.
If you’re interested in starting your own blog. I’ve created an easy step-by-step guide where I will guide you through the process of getting hosting and setting up your blog ready to make money. I’ve also included a special hosting discount link (only available through my link) which will not only give you a huge discount, but also a FREE domain).
As you can see when clicking the above mentioned links for a step-by-step guide, I manage other blogs as well. Simply because I decided to diversify my income, allowing multiple blogs to have multiple income streams. See it as a financial backup net.
YouTube kind of goes hand in hand with blogging, where you share stories, articles or events, and while people are watching your videos, you have the ability to earn income through YouTube’s (Google) Adsense program.
The standard is that usually, for every 1000 views you receive $1. I personally experienced this when a video of mine receive 24,000 views, resulting in earning around $25.
YouTube doesn’t payout until you reach their threshold of $100, but it’s still an excellent way of earning passive income as once the videos are up there, they’ll continue to make you money.
Make sure you choose the right settings as the advertising program will not work automatically once you’ve uploaded a video.
5. App Development
App development can be tricky. I know, because I do it. It’s been a while since I’ve released an app, but so far I’ve released 5 apps that are continuously making me passive income.
They’re not making much at all, as they are little apps, but it’s still a perfect example of a great passive income source.
I’ve discovered that in order to really have a big money making app you need to follow certain guidelines that help you create a great app.
As the coding language isn’t too easy, it got a little too intense for me and I couldn’t get too the point where I could create a big app.
I actually could, but it would take too long as while I was creating the app, I was learning to code.
So if you have any coding knowledge, check in to it as it’s another great way to have another passive income source.
There you have it, 5 legitimate residual income ideas. I personally love blogging, and definitely recommend you giving it a try.
Don’t forget to use my step-by-step guide to setup your own blog, and feel free to comment on the comment section down below if you have an questions.