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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 June 26, 2020

                      25 Easy Tips on How to Save Money Fast

                      25 Easy Tips on How to Save Money Fast

                      “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

                      If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

                      You don’t really need to order in food. You don’t really need to buy expensive perfume.

                      Building from that, you can work out how your regular expenses can be reduced.

                      As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

                      And remember: a budgeted lifestyle does not mean a bad or boring one!

                      But first, understand what budget you can cut down on daily:

                      • Regular expenses for the average adult (can be trimmed but not eliminated):
                        • food
                        • rent/mortgage
                        • cell phone
                        • insurance
                        • socializing/entertainment
                        • transportation
                        • hygiene products
                        • household bills
                      • Irregular expenses for the average adult (can be eliminated or cut down a lot):
                        • travel
                        • clothing
                        • medication (*depends)
                        • grooming (hair, nails etc.)
                        • gifts

                      Now, let’s dive right into the 25 ways to save money fast:

                      Save Money on Food

                      1. Bring a stock of food to the office/work

                      Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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                      Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

                      2. Buy the store-brand version

                      Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

                      3. Eat cheaper cuts of meat

                      Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

                      4. Have group dinners

                      If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

                      Save Money in Transport

                      5. Get a bicycle

                      Save on gas money and bus/metro fares with this underrated mode of transport.

                      6. Use public transport and/or don’t get taxis

                      Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

                      7. Find the cheapest gas

                      Regularly check out where the cheapest gas can be bought.

                      Save Money in General Shopping

                      8. Shop online

                      Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

                      9. Sell your old stuff

                      Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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                      Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

                      10. Bulk buying stores

                      For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

                      Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

                      11. Become a flea market/car boot sale/street market guru

                      You can find original gifts and develop good negotiation skills at these places.

                      12. Generic brand medication

                      More often than not, the generic version of paracetamol and other basics work the same as the branded version.

                      13. Choose deodorant, not perfume

                      It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

                      Cut Down on Household Expenses

                      14. Printing

                      Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

                      e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

                      Expand the margins of what you are printing as often as you can to save on paper.

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                      15. Minimize SMS and phone calls

                      A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

                      16. Shop around for insurance

                      Most people don’t spend enough time searching for the best insurance deal.

                      Keep a watchful eye out for deals and new competitors in the market.

                      17. Try re-negotiating your rent/mortgage

                      If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

                      18. Don’t get a TV

                      Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

                      19. Pool your internet bill with a neighbour

                      My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

                      Save Money in Socializing, Entertainment And Travel

                      20. Have house parties

                      Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

                      For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

                      21. Open festivals, meetups and events

                      It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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                      22. Volunteer

                      If you can’t pay for a ticket, volunteer and get to be there anyway.

                      23. Housesit

                      There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

                      Save Money on Hygiene and Beauty

                      24. DIY beauty

                      French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

                      25. Fewer haircuts/volunteer at a trainee hairdresser

                      If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

                      Bonus: Effective Money-Saving Tips for Everything

                      Here’s a summary of what you can generally do to save more money:

                      • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
                      • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
                      • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
                      • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
                      • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
                      • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
                      • Stop and think. Do I really need it?

                      Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

                      What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

                      Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

                      More Tips for Personal Finance Management

                      Featured photo credit: Unsplash via unsplash.com

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