If you have money sitting around in your regular bank account, consider moving it to a high-yield savings account. You may even be able to replace your active income with residual income. Keep adding residual income streams as your knowledge and resources allow. You can start off with one residual income idea to keep things simple so you can learn how the process works. If you’re looking for the best way to make residual income, below is a list of ideas to consider. After the initial setup phase, you should be able to generate residual income with little input on your part. Some ideas require little to no work on your part while others will be more involved. You can start off slowly and build more residual income as you learn more and have more money to invest toward it. How you build residual income depends on your skills, knowledge and resources. Generating both residual and active income can help you supercharge your savings and speed up your pace toward building wealth and becoming financially independent. It should require little to no active involvement on your part. You don’t get compensated for the services you provide but earn money based on work you have done in the past.
When you make residual income, you don’t have to be present to get paid.
If you’re a freelancer, it’s money you get by serving your clients. This can include your salary from a day job, tips, bonuses, commissions or any active business income. Unlike passive income, it should require minimum input from you to keep it going and generate cash while you go about your life.Īctive income is income you make by being paid for providing a service. Residual income is passive income that continues to make money for you after you’ve done the work.
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