Income ManagementLifestylePersonal Finance

Five ways to make residual income

Residual income is a type of passive income. It allows the investor to continue gaining money from the source without making additional effort.

There is no formula for residual income, and you simply need to develop the skills you already have and apply them.

Here are some tips in making residual income.

Creating a blog is a one of the most popular ways to earn money on the web. Ads can be placed on the website and products can be promoted through affiliate programs. These ads and affiliate promotions will help you earn passive income each time someone clicks the ad or makes a purchase. You can also consider joining an affiliate network and promote a particular product or service through a website, blog or article. Alternatively, you can write articles for those websites that offer their writers an upfront payment for their articles with a revenue share based on the number of times the articles are read.

Use internet to promote
If you are a blogger, always keep the search engines in mind when writing the content. Use keyword research tools to find commonly searched words and phrases related to the product or service you are promoting. Make sure you are using them in a natural manner, which will help the site move through the ranks and earn free traffic. Meanwhile, make use of the increasingly popular social media. Offer links to sites, blogs and articles throughout your social network profile, encouraging people to click on it. Submit articles to various social bookmarking websites such as Digg and Reddit for more traffic.

Purchase a property and rent it out, or buy low, fix up and sell high. Parking lots can also make big business. Many people buy and sell parking spaces like a real estate investor flips property. If you own the lot, you can pay one person $15 per hour while collecting $15 per car to park for an event, not to mention the appreciating land value.

Sell information and services
If you have unique skills or experience to share, why not write it down and sell the book? It could be a manual about surviving in the wild environment, a fiction or a photo album. Once the book is done, you will get paid over and over for your initial efforts. Similarly, you may produce a DVD or MP3 to sell. For instance, if you are a yoga coach, burn a DVD of the class video and sell it in the gym. The key to success in gaining residual income is to combine different methods. Develop more than one stream, so that if one source falters, there is still income.

Consult professionals
As a first-time investor, it is not a bad idea to talk to an expert before you start. In Australia, for instance, you can get useful information from professional fund managers like Clime, who specialize in value investing. You can also check out services which provide company valuation and research such as Stocks in Value.

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