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How To Earn Residual Income Efficiently

How To Earn Residual Income Efficiently

Residual income is often also referred to as, “passive” or “recurring” income. Indeed, money makes the world go ’round. What better way to earn money than through letting money work for you even while you sleep? Surely, no greater method is available or even imaginable. The key here is to work smarter, not harder. Industriousness is required and you should be prepared to be very persistent. A common method of steadily earning residual income is through royalties earned from a book, song composition, software, or mobile application. Types of recurring income are not limited to royalties. Here are ten methods to begin earning.

1. Affiliate Marketing

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    Basically, an affiliate connects a customer with a desired or needed product. The affiliate is responsible for marketing to drive sales to the retailer. It is best to purchase a domain name and build a user-friendly website to draw customers and convert them to purchasing the chosen product. Build interest through pay-per-click advertising, content articles about the product, and through posting on forums with a relevant website link.

    2. Auto-Responder Lists

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      Appeal to a target audience through offering regular newsletters about the service or product only you can provide. Offer some free advice on marketing or tips on business-related tools. Offer the first part of a how-to e-course free to generate traffic. Through brief, yet constant contact, your blog becomes invaluable to your audience. Don’t be timid in offering a bit of free advice to build a dedicated audience.

      3. Membership Community

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        Charge a monthly or annual fee to offer members access to exclusive advice or products. Sell your expertise through exclusive podcasts, offering live FAQ sessions through Skype, or forums. You may want to try selling a monthly subscription to allow users to sample new products, similar to a book club. Frequent interaction increases interest and helps build membership through word-of-mouth.

        4. Arbitrage Services

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          Develop a website to purchase and then sell services, such as content articles or purchasing a product at a low price and then reselling it.  Another option is to sell the web design service. Sign a contract with an expert and sell the service to others. This type of business is low-risk and has virtually no start up costs. Sites such as eBay or Etsy.com offer products that can be purchased at a very low cost and then resold to gain a profit.

          5. Sell Informative E-Books

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            Cultivate little-known DIY projects and ideas that are needed by consumers.  For example, provide tips and tricks on self-improvement or weight loss. Develop your website to cater to the type of information you want to sell. Build your e-mail newsletters at the same time and up-sell a monthly subscription. You will have effectively rolled three services into one great profit.

            6. Pay Per Click

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              This is perhaps one of the most talked about methods of earning a passive income. Essentially, you advertise for others through inserting a link in forums, through social media, and of course through your own site. There are several software packages available for purchase, including Google Adsense, Bing, and Yahoo.  These types of ads can be used to attract consumers of a particular gender, age, and individual interests.

              7. Customer Referrals

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                Earn residual income through referring consumers to an established product or service. Use your site to advertise to the company or companies you are interested in providing referrals for. Referral efforts can be coupled with informative e-books, seminars, or articles about the product or service. Build your newsletter lists in the same manner, the difference being that you are directing consumers to a third-party business.

                8. Squidoo Lens

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                  This may be a method that is unusual. Drive traffic to your lens the same as you would your blog. Link to your lens on social media platforms, like Twitter. The more people that know about the lens, the more that are apt to visit and purchase. The lens can also be used to promote products on e-bay or CafePress. Write a short description of the product and its unique uses and sell away.

                  9. Increase Saving Rate

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                    This method may seem quite obvious. However, you may be surprised at the number of people who overlook this simple method of earning a residual income. Most banks require a minimum daily balance, which may be why many skip this method. However, your money is literally working for you in this way and money is earned while you do absolutely nothing.

                    10. Franchise

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                      Of course, there are large fast-food, pet store, and other enterprises that cost a great deal. However, consider a DVD rental machine, soda, or gum ball machines as more passive avenues to income. These require little maintenance, coins, bills, or revenue collected via credit cards, as well as periodic refilling of machines.  These machines are, perhaps, one of the more lucrative paths to a passive income with little input from you.

                      Featured photo credit: todayisthatday.com via titdcdn.todayisthatday.com

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                      Last Updated on April 3, 2019

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

                      By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

                      This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

                      Hint: there are ways that are easier than you think.

                      1. Consider Consolidating Multiple Credit Cards If Possible

                      This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

                      It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

                      Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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                      Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

                      My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

                      Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

                      2. Try to Pay the Full Balance You Spent Each Month at the Very Least

                      You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

                      Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

                      If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

                      3. Pay Extra When You Can – Every Small Amount Counts

                      This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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                      It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

                      4. Create a Plan on How to Pay Extra

                      Back to the main point, having this plan is giving you one less thing to think about.

                      This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

                      For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

                      Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

                      5. Cut out Costs for Services You Do Not Use

                      If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

                      In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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                      6. Get Aggressive About It

                      Consider these points:

                      Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

                      Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

                      Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

                      Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

                      7. Reevaluate Your Progress at Set Intervals

                      Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

                      By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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                      Finally (and most importantly)…

                      8. Keep Trying

                      Do not get discouraged. Pushing it off will make it worse. Just keep trying.

                      Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

                      Start Knocking out Your Debt Today

                      The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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                      Featured photo credit: Pexels via pexels.com

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