Residual Income Opportunities

by Chuck
(MD)

What are the best residual income opportunities? Fortunately, there are many different ways to create a residual income. This includes online and offline methods. I’ll provide a few examples below.

1. Pensions: Pensions are a great way to generate residual income. If you want to work in a job, and don’t want to be a business owner, you could look for a job with the government, or one with an old school company that still offers a pension. Please know these jobs are getting harder and harder to come by. Typically, you will work 20-40 years and then get a pension for the remainder of your life.

2. Network Marketing: Like it or hate it, the network marketing industry is one of my favorite residual income opportunities. If you build a large team, you can earn a substantial six or seven figure income. Although there is a high failure rate in the industry, some people do make more money than Fortune 500 CEOs.

3. Rental Properties: Real estate investing comes with its risks, but if you know what you are doing, you can create a nice passive income stream with a good investment property. The secret is to purchase properties with a positive cash flow, not just buying the property for equity.

4. Storage Units: My parents own a storage unit business, and they swear by it. That’s why I think it is one of the best residual income opportunities around. It has fewer headaches than renting rental properties to people. There are also fewer expenses.

These are just four examples of residual income opportunities. There are many other ways to create residual income, such as trademarks, licensing, patents, intellectual property, book royalties, movie royalties and more. Also, all business ventures come with some level of risk. So make sure you do your homework first to find out what will work best for you.