Residual Income: 7 Super Smart Ways to Build It
Last Updated on November 11, 2017 Alexa Mason 2 Comments
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You’ve thought about it before: creating several streams of passive income to live off. But it just sounds too good to be true. And I’m not just talking about the passive income that requires work – I’m talking about residual income streams that work all the time, even when you’re sleeping.
Purchase A Rental Property
Real estate has always been high up on my investment list and for good reason: real estate is one of the longest standing, proven investments.
In fact my grandmother had several rental units. Her husband plans on the rentals funding his retirement. Since they’re now paid for all the money that comes in on a monthly basis provides a great income.
But the biggest thing holding most people back is money – it used to take a lot of money to buy a rental property. That’s all changed with recent legislation and multiple online companies that have entered the space to make real estate investing affordable.
If you’re looking to get started in real estate, look at a crowd funding solution like RealtyShares. It works similar to LendingClub – you commit as little as $5,000 towards a property. When the property is fully funded, you become an owner, and will receive your share of the earnings and appreciation in the property. Check out RealtyShares to learn more. Earn a $100 bonus when you make your first investment using promo code Partner100.
Another option, with a lower minimum, is FundRise. FundRise is a little different, in that you invest via a REIT, but the concept is the same. And it allows you to invest for as little as $1,000. Check out FundRise here.
Rent Out Your Spare Room
Don’t have money for a rental? That’s okay, you can rent out a room in your house.
Look for a quality tenant who you’d be okay living with (a friend or family member would be ideal) and rent out your spare bedroom.
This is one of the easiest ways to bring in some residual income. This is one of our key strategies for earning an extra $10,000 per year.
You can sign up on AirBNB and start renting out your rooms and house today. Heck, you can even list your backyard for people to camp in!
Invest In The Stock Market
Investing in the stock market opens up a wide area of opportunity.
For easy investing you could choose to invest in a couple of index funds or if you like to pick investments yourself you can hand pick a group of stocks. Whether you invest in a personal investment account or a retirement account you’ll still be making your money work for you.
The good thing about investing in the stock market is that it’s fairly easy to do. The con, however, is that you’ll have to put up a lot of your own money before you see any substantial benefits.
I choose to invest in an index fund for retirement and dividend stocks within my personal investing account.
Don’t know where to invest? Start by checking out these companies that offer amazing deals just to get started:
Open A New Brokerage Account