subject: How to Earn a Residual Income and Become Financially Free [print this page] For some reason there is a big cloud of mystery surrounding residual income. However, it is not confusing or difficult to do. Residual income is just income that renews month after month. We all pay monthly fees, giving someone else the recurring income we want to make. So take that same theory and reverse it to make yourself money. You need to find a way to get someone to pay you each month.
Recurring Income Ideas
When you start thinking about all the recurring payments you make, it becoming easier to think about ideas you can handle.
First, make a list of all your recurring bills like:
Phone/ Cell Phone
Magazine Subscriptions
Club memberships
Gym memberships
You may have some ideas of what to do just from this list. For example, cell phone plans are easy to sell and if you offer them online, you can get a substantial recurring income. The same goes for magazines as many people read the same magazines month after month.
Non-Traditional Ideas
One thing missing from the list is items you buy every month but are not a recurring fee for example, nutritional supplements. Many people buy vitamins and supplements every month. While they do not have a subscription, they do purchase the supplements on a regular and ongoing basis.
Any item that is consumable will qualify as a recurring income. Therefore, think about all the things you buy weekly, monthly or quarterly.
Items such as:
Batteries
Paper
Office Supplies
Diet aids
Ideas from this list will also help you think of all the ways you can make money by selling things people will buy over and over again. The whole point of passive income is to make a sale once and reap the benefits of that connection for months or years.
Help Getting Started
If you have an idea or need some help thinking of things to sell, then you can look at affiliate marketing networks. Places such as ClickBank, ShareASale, and Amazon allow regular people to sell their products and pay a commission for each item sold. Browsing through these networks will give you plenty of items of things you can sell to make a substantial income.
In addition to affiliate marketing networks, you can receive training from the coaching programs. These programs generally offer e-books which serve as guides on the day to day process of setting up an Internet business. For those needing more help and clarification, coaching programs often offer group and one-on-one training sessions. Generally, the coaching takes the form of forums, chat rooms, video guides and e-mail. You are allowed to ask questions and get a personal answer.
The most direct form of help comes as a result of copying a successful plan. Similar to coaching, a mentor gives you access to their specific method for making money online. They walk you through, step-by-step, every aspect of setting up and running the business. By copying their success, you can expect similar results. The main difference being how much time and effort you put into obtaining the residual income.
How to Earn a Residual Income and Become Financially Free
By: Caroline Engstrom
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