The days of working for a one time payoff are dead. People should put their time and money into things that payoff over and over and over again. Below are some of the best ways to make residual income offline and offline.
We all know that most millionaires are made in real estate. Even with that said many people that have the good credit and cash flow to buy real estate are hesitant to get involved.
Part of it is the fear of dealing with bad tenants, repairs, maintenance and legal headaches. You can avoid much of that drama by getting homes in great neighborhoods.
Another way to avoid that drama is to use a property management company. Some of these companies charge a ton of fees that can cut into your profits, so make sure you do your research before you use one.
I think the fear of being stuck in one area and not being able to travel for and extended time or move out of state is another issue. This seems like a pretty valid fear, but other people deal with out of state real estate investing, so you can too.
When it comes to real estate, you have to do a lot of research and talk to other landlords. Creating little apps and blogs that you lack confidence in is easy because you can abandon them if things go south.
With real estate you have to be 100% confident that it is for you before you jump into it.
Currently I own three Shopify apps. Only one of them performs well, but I plan to add features to the other two soon. Hopefully that will boost their sales.
I like Shopify apps because you can make a residual income from your software. Most of the initial work is upfront during development. The hiring and management of a Shopify app can be a pain. However once the app is live you only have to focus on marketing and customer service.
If your app can solve one of the main problem most ecommerce stores have, abandoned carts, low order amounts, lack of email subscribers, etc. it can make you hundreds or thousands of dollars each month without much effort. Depending on how much your apps is making, you could hire a third party to handle customer support, reducing your involvement even more.
I own about 80 mobile and desktop apps, most are desktop apps. None of my apps charge a recurring income, but they make money every month from new customers.
The biggest hassle with apps is the development process. I think many people that hire app developers overpay. These don’t seem to realize that with so many good app developers they don’t have to pay $2000 or $3000 to get a good app made. 10 years ago sure, nowadays no way.
With so many people willing to pay thousands to have one app developed it is a struggle for me to find people willing to work for my price.
It usually takes one or two months before I can find an affordable developer. From that point forward we go back and forth until the app is complete and up for sell in the app store. Once I find a good developer I try to keep working with him or her as it is easier than trying to hire a new developer each time I need an app created.
If you don’t want to get apps developed, you can buy apps that are already making money on Flippa.com. Make sure to do your due diligence before buying anything.
I don’t get many customer service emails about my apps. If people have a problem they usually ask Apple for a refund or they rip the app to shreds in the app’s review section.
My app money is not big money, but it is easy money.
Stock Market Dividends
Stock market dividends are great, but you have to own a lot of shares to bring in any decent money. Apple’s most recent dividend was .77 cents a share. That means if you owned 100 shares you would get $77. If you owned a 1000 shares you would get $770. If you owned 10000 shares you would get $7.700.
Obvious making $7,700 every quarter would be great, but you would need to own $2,000,000 worth of apple stock to get a dividend that high. Since most people don’t have millions laying around that $7,700 is out of reach.
You can make money from dividends, just don’t expect to make a full-time income.
I have had my eye on this company Royaltyexchange.com for a few years. They auction off music royalties from popular musicians like Drake, Chris Brown, Cardi B, 2Pac and more.
They provide detail on how long you will make income from the investment. They also show you what songs the money comes from and how much the catalog has made in the last 12 months.
Obviously, the royalties won’t stay consistent, but if you invest in popular artists that you think people will be listening to in 10 or 20 years, your investment should be a good one.
Auctions prices vary based on the assets for sale and the artist, but I have seen auctions won at a few thousand dollars, so you don’t need tons of capital to purchase your first music royalties.
Imagine posting a video on Youtube today and still making money off that video 5 years from now. That is the reality for most big YouTubers. People with lots of subscribers can make 6 , 7 or even 8 figures a year from their channels.
Obviously getting big on Youtube is not easy, but if you can, it is a great source of residual income. If you want to grow you channel post a lot, be interesting, try to partner with other YouTubers. You could also tried using paid ads via Facebook to get subscribers.
Also remember that making money on Youtube isn’t limited to YouTube ads. You can link to affiliate offers in your video description and make money from those links from years to come.
Subscription Box Company
People have busy lives and they want to automate as much of their lives as they can. Subscription box companies make lives easier by sending people the items they want and need like food and clothing on a regular basis without much hassle.
If you can offer people an item or items they need on a regular basis at an affordable price you might have a business. Obviously, a lot of research and planning needs to occur before launching. Talking with potential customers via reddit or other discussion boards is a must. I also recommend taking online surveys to gather feedback. You can do this by using Facebook ads.
Of all the items on this list, this is the most complex. Make sure you have the capital and understand the risk before launching.
The seven items listed above are great ways to make residual income. Things like subscription based websites and services, real estate crowdfunding and peer-to-peer lending can also bring in good residual income.
Make sure that in your pursuit to boost your residual income you have a plan. Don’t rush to build apps or invest in real estate. Do everything with a plan and goals. Remember to diversify your income streams so if you are having a down month in one or two areas, you have another one or two areas that can make up for it.