Are you trying to find a way to make some extra cash? The good news is that you have more options than ever to increase your cash flow.
Believe it or not, more people than ever have a secondary source of income outside of their primary job. There are an estimated 44 million Americans working in the side gig economy.
If you’re trying to find the best residual income opportunities, this post will help. Below are five things you can do today to start making extra money.
- Rental Properties
If you’re willing to tie up your extra cash in your investment, real estate is a great place to put your money. If you can find several rental houses to add to your portfolio, they can provide you with reliable income well into the future.
Ideally, you should find properties that you can increase the value of. Every dollar you invest should add more to your total net worth. Once your net worth is high enough, you can use it as leverage to invest in more properties.
- Dividend Stocks
An issue people have with regular stocks is that they provide no cash flow to use. You have to sell your share in the company to get your money.
Things are different when you purchase stocks that pay dividends. These stocks pay you regularly for every stock you have. You can use this money to reinvest or take it out as cash.
- Affiliate Websites
Do you have a hobby and some spare time to write about it? If you build a website and promote the products you write about, you can get paid every time someone buys something you recommend.
You’ll spend a lot of time writing about all aspects of the market you enter. However, once you start getting traffic from Google, you can get residual income well into the future without putting in much work.
Click here to learn more about how to make affiliate marketing work for you.
- Peer to Peer Lending
Are you not interested in investing in the companies everyone else does? It might make more sense for you to invest in regular people.
Peer to peer lending websites provides you a way to give loans to other people. You can view a list of loan requests and the financial information of the person requesting the loan. If you provide enough loans, you can bring in good residual money from the interest.
- Create a Course
Do you have an established career? If so, you likely have knowledge that other people who are new to your industry want to have.
If you work to improve your brand online, you can create a course and sell it on the internet. Your class will provide people the information people need to do better at their jobs. At the same time, it will give you a regular source of income as long as your course is popular.
Try the Best Residual Income Opportunities Above Today
Now that you know what the best residual income opportunities are, you’re ready to get started. Pick one of the options above and start there. Once you get one income stream going, you can start expanding to other opportunities.
Once you start bringing in more money, you need to start budgeting to make the most of it. Head back to our blog to learn how to budget your extra cash.