Getting a residual income means that you can earn money not only while you work, but also while you’re sleeping or on a vacation.
Sometimes, getting a passive income requires you to invest some money. Other times, all it requires is passion and consistency.
In this article, you can find out the best ways to earn residual income online so that you can choose which ones best suit you.
Invest in Stocks and Bonds
This is a method that requires an initial investment, but when you invest in stocks and bonds, there’s nothing to do except to choose your stocks and bonds wisely…and wait.
This is the traditional way to invest money.
To make your income even more passive—or in other words, to put even less work in this activity—you can use a software called Robo-advisor. It’s a pre-programmed software designed to invest your money using various factors, such as your risk-tolerance level, etc.
This is the most automated way to make investments and earn a residual income.
Start a Blog and Monetize It
Managing a blog takes time and money, in the initial phases of its creation. Especially when you have to purchase your domain and web hosting and build your audience.
If you want to make money with your blog, you’ll also need to monetize it.
However, if you can devote some serious time and money into professional blogging, you can make a good passive income out of it. Learn how to make money with blogs here.
Start a YouTube Channel
A YouTube channel can be a great resource for your business. You can use it to establish yourself as a credible source in your niche, and you can earn money as your brand grows.
Once you’ve monetized your YouTube Channel and you’ve uploaded your videos, those videos become a source of passive income.
To learn more, see our dedicated article on how to make money on the internet using Youtube promotion.
Become a Brand Ambassador
If you have a big audience on social media or are planning on creating one. You can become an influencer, and can use your influence on your followers to promote brands that will pay you for that promotion
You can partner with companies to grow both your income and their customers.
Once you’ve found an agreement with the brand, you’ll have to post photos or videos on social media showing yourself using that specific product or service that you’re promoting.
In exchange, you’ll get cash, discounts, free items, and recognition on the company’s social media accounts, all of which equate to more passive income for you.
If you have a blog, website, or large audience on social media. You could become an affiliate marketer.
Affiliate marketers promote brands and companies’ products and services and send visitors to their selling pages through their affiliate links. You’ll get paid a commission for each sale you generate through these links.
Learn all about affiliate marketing on our dedicated blog post, and we also recommend the free Wealthy Affiliate Courses for their professional training on how to become a successful affiliate marketer.
This article talked about 5 of the best ways to earn residual income online. If you want more great options to earn residual income online. Check out our Free Online Training Center for our complete list of recommendations.