By Jannah B CEO, The Bold Opinion
Nobody likes the idea of living paycheck to paycheck or working just to have the money only you bring in. Success and comfortability comes from having multiple incomes and not over working yourself in the process. Sure, a 9-5, building websites on the side, reselling branded materials, and considering driving for Uber, will put extra money in your pocket; but will also run you ragged. (A very familiar feeling)
“Making money while you sleep” AKA residual income is really where it’s at.
My Advice: If you have money, SPEND IT! However, limit spending on things that won’t reflect some sort of ROI (Return On Investment). Last time I checked, a Gucci belt or a new pair of kicks aren’t going to make you money by taking up space in the closet, but a newer Honda or a DSLR camera just might.
Again, if you have the money, SPEND IT! What are you hanging on to it for? I’m not at all saying that saving isn’t important; smart saving is important. Your savings should always be heavier than your checking! The checking account should be for paying bills and buying lunch, while your savings are for rainy days and large purchases. If you are saving up for that Gucci belt, honey, you’ve got it all wrong and please read this article in its entirety!
You know, a quote that really stuck out to me by JayZ is,
“If you can’t pay for it twice, you can’t afford it.”
…And if you can’t really afford it, you might not really need it.
Anyway, back to finding ways to pull in multiple sources of income without physically breaking your back! Here are just a few to jog your inspiration.
A) Cash Back Opportunities
When you’re spending that money on things you can afford, things that make your day-to-day process, set yourself up so any dollar you spend gets some kickback or benefits. Grocery loyalty cards, pennies off the pump rewards, cash back rewards, are the way to earn while you spend. OMG, I just realized the true benefit of cash back by swiping my credit card.
I opened a new account eight months ago and have already accumulated enough points to purchase a flight to Miami! Boom, there’s a vacation with flight paid for! That was easy. Now of course you must be responsible with your credit card in order for this to work seamlessly. Make your charges, and pay it off immediately!
B) Entrepreneurs & Business Owners
If you have a website (which is a 100% necessity), rent out the extra space on your site for advertisements. Boom, now that ad space is paying one of your bills! If you’re smart, you’d flip that to enhance yourself or invest into something else that will make you even more dough.
Put a certain amount of money up into a pot with others for a specific project, then get a percentage of the kickback. This is where analytics and economics gets involved and I’m not here to teach that. I hate match, I was a social science major. Scared money don’t make money!
“D” for dividends. Stocks can be intimidating for some because they’re not super easy to learn and they aren’t educated on investing methods. Familiarize yourself with the basics of how the market works and start small. Dividends are usually paid out quarterly (4x’s a year). Payouts come slower, but depending on the margin, you’ll get what you get.
Take it back to the college dorm days and if you’re comfortable sharing living space with others, rent those empty ass rooms that collect dust that you even have to spend time to keep clean. Honestly, the more roommates, the better.
If you’re able to get a couple people to rent space from you and potentially pay for the whole mortgage, YOU WIN. Imagine the other things you can spend hard earned money on. Now if you’re smart, you’d put a portion of that to the side to cover your tail on a rainy day. Wow, financial freedom? What’s that?
By the way, AirBnB is the most successful room rental company by using other people’s property. Just to put things in perspective.
F) Let Your Knowledge Work for You
Whatever your specialty (ie. cosmetology, graphic design, fitness, education, etc.), set your self up to teach other what you already know, and have them pay for it. Create a membership, an online course, or a physical classroom, and sell tickets! Hmmm, kinda sounds like how college works.
G) Photographers & Image Connoisseurs: License or Sell Your Photos
Businesses and other less-photographicly-inclined will pay for the right imagery for their company. In this age of marketing, pictures speak louder than words and they’re willing to pay for it. Do your research!
H) Become a Rolling Billboard
People drive their cars everyday, so why not have a company place an advertisement on your car’s window/door? Looking for bigger money or a convenient way to cover up evidence of your ex keying that whole left side? Companies will pay to have your vehicle wrapped in advertisement with a dope design. Easily earn a few extra hundred on a monthly basis to help cut down other bills. At the end of the ad period, the wrap can easily be removed without damaging a paint job. I’m not here to supply the names of those companies so, do your research!
I hope you pick up one or two of these gems I just dropped because they’re valuable. This is the purpose of why I do what I do to spread knowledge and inspire. Take it or leave it. And again before I go,
SCARED MONEY DON’T MAKE MONEY!
image credit: iconfinder.com
2 thoughts on “Make Money While You Sleep: Ways to Build Residual Income”
I saw your tweet about animals and thought I will check your website. I like it!
I love pets. I have two beautiful thai cats called Tammy(female) and Yommo(male). Yommo is 1 year older than Tommy. He acts like a bigger brother for her. 🙂
I have even created an Instagram account for them ( https://www.instagram.com/tayo_home/ ) and probably soon they will have more followers than me (kinda funny).
I have subscribed to your newsletter. 🙂
Keep up the good work on your blog.