Sick of working the same schedule and receiving the same old linear income? There has never been a more exciting time to be expanding into residual income streams, in addition to what you already earn!
What does that really mean?
Well think about what you already earn; whether you're in the financial services industry, education or sales - it really doesn't matter, because you can be earning more through residual streams. There are a few ways this can occur:
Start a Blog
Who would have thought that the once incredible invention, the computer, could now be an income generating machine?
Well, it is! Starting a blog requires a topic such as fashion, education, style, food, gaming etc - that you know something about. You can write a blog post once, twice, three times or even every day of the week. This makes it very easy for you to generate reoccurring views which can easily be converted into revenue, at the expense of a few moments in your daily routine.
For example, I run a men's fashion/lifestyle blog on Instagram (@tomryanlifestyle).
Make an App
The majority of our society has a smartphone, and they all have apps. Users often find some apps to be very important and helpful, and even if they cost $0.99 it is very convenient to sell a useful app to a very large target market.
If I asked you to name at least 10 smartphone apps, you could probably tell me within 5 seconds. That's not a sign of speed, rather, that's a sign of just how useful they are to the human culture in 2016.
As it happens, it is extremely easy to start an app, or even if you didn't have any clue; it is easy enough to find an app developer in 10 minutes online.
Be a Consultant
One of the most popular ways to earn a residual income stream is through consulting. Whether you're a certified doctor, nurse, teacher, analyst, chef, dog walker, babysitter or salesperson - consulting could be for you!
This is where you can be very imaginative if what you're consulting as requires minimal certification. For instance, I was discussing consultancy with someone and they told me that they are a chartered accountant by day, and driving instructor by night.
I had to ask: why?
Sure enough, being a chartered accountant was a very timely exercise with minimal chances to get outdoors, and driving and helping people gave this person the opportunity to maximise on their output with the addition of residual income. Maybe it's not for you, but seriously have a think about it!
Start a Vlog
Vlogging has become a very easy way to gain residual income streams, and most of all; you can have lots of fun doing it.
Very similar to a blog where you are writing and sharing your information through text and images, a vlog is where you are sharing your information through a video medium. There are a few tricks to becoming a good vlogger:
- Put out constant content
- Be interpersonal with your viewers
- Stay flexible with your intentions
If you are someone who is tired of the normal 9-5 workload and want to give something else go, one of these residual streams may be a chance to diversify your output for some extra income.
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