How to Earn a Residual Income

Most think of income as wages earned for a day's work, but residual income is different because it continues to pay out long after the initial effort of earning it has passed. This can be appealing because some no longer want to work but desire income, and others would like to free up time so they can seek other ways of earning income. Either way, residual income is attractive.

Instructions

Difficulty: Moderately Challenging

1. Decide what you can invest in order to achieve additional income. Unlike wages, residual income normally requires output including venture capital. Common venues to earn income that require an initial investment include rental properties, interest and dividends.
2. Know what your strengths are. Sales skills are helpful in commission and tier based businesses, research skills are valuable when providing people with information, computer skills can be used to develop either hardware or software and creative types can create advertising to earn residual income.
3. Get to know other business owners. The more people you know, the more you can help them out with referrals. These people need customers and are willing to pay for them. Simply by word of mouth you can create commissions.
4. Build a site based on your knowledge and interests. Chances are if you are interested in something, others are too, and if you have a vast knowledge base to back that up, that's the prime situation for building a site for others to join and use that knowledge.
5. Take garage sales to the next level. Sell your own things, but offer to sell things for others for a fee. Or sell other's services to people. You become the middle man and charge the service provider one fee while charging customers another, all without having to actually provide the service.
6. Look for resources that may be untapped, like oil or minerals that can be harvested from your land to earn residual income. Make sure that you own the land rights before giving anyone permission to drill.

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