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How To Earn Residual Income Efficiently

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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 January 5, 2022

                      33 Painless Ways to Save Money Now

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                      33 Painless Ways to Save Money Now

                      In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

                      Some easy ways to save money:

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                      1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
                      2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
                      3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
                      4. Turn off power strips and electronic devices when not in use.
                      5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
                      6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
                      7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
                      8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
                      9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
                      10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
                      11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
                      12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
                      13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
                          a reusable water bottle and refill it.
                        • Avoid vending machines: The items are usually over-priced.
                        • Take in a matinee. Afternoon movie showings are cheaper than evening times.
                        • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
                        • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
                        • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
                        • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
                        • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
                        • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
                        • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
                        • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
                        • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
                        • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
                        • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
                        • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
                        • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
                        • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
                        • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
                        • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
                        • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
                        • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

                        Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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                        Featured photo credit: Damir Spanic via unsplash.com

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