You don't have to be Paul McCartney to rack up residuals. You might own properties that you rent out even though you're not a Realtor. Maybe a blog you started took off, and while you no longer work there, you still collect part of the profits. Or perhaps you're a serial entrepreneur who creates companies and moves on. You, too, are earning residual income.
Do you know of a successful business that needs capital for expansion? If so, you can become something of a small-time angel investor and provide that needed capital. But rather than offering a loan to a business owner, you instead take an equity position in the business. In this way, the business owner will handle the day-to-day operations, while you will act as a silent partner who also participates in the profits of the business.
Later, you can also market your expertise via ebooks, PDFs, podcasts, live sessions or even guest blogging on other websites. You can also try to sell some subscriptions to them. You can form a club or membership community of your own. This will only help you to promote your product, build authority, professional branding and increase your sales. Remember, your interaction with your customers will help build up the community; that and some word of mouth. So just rest on your laurels, see how far you can take it. Discover your full potential!
Residual income is when you continue to get paid after the work is done. This includes royalties from books, movies, or songs and also income that comes from real estate or business investments where you don’t actually have to be present to earn it. For example, Bill Gates is still making a residual income from Microsoft even though he isn’t working there anymore.