What Is Residual Income? 10 Residual Income Ideas to Build Your Wealth

Most people believe that money is created through active income. They rarely think about passive income or even residual income as a source to generate wealth or financial freedom.

Residual income is an income that can be passive. The calculation determines how much profit or excess income is available after all expenses are paid off.

It is the leftover money we have after we have paid off any personal or business debt. Now we know residual income. It is time to make some. Here are 10 ways you can create residual income for yourself.

1. Write a book

Writing a book is a great way to build something and allow the income to come in after all the work. It can be as easy as writing it and publishing it as an ebook through Gumroad or even using Amazon’s KDP program to create the book.

Creating a course is much like writing a book. There are many skills out there that people would be willing to learn if they had a good course that can teach them. If you can teach someone, then building a course is a great way to generate some good residual income.

2. Create a course

If you have some technical skills, you can use those skills to be an app. That can be an app about anything that people will find value in. For instance, you can have a finance app, a recipe app, or even a fantastic travel app.

3. Make an App

If you are good at creating, you can create notebooks and other digital products. You can sell these on Amazon, but you can also sell these on Etsy. Create a digital product, then add a download button, and you have it set.

4. Sell Digital Products on Etsy

5. Launch a Podcast

If you enjoy talking with people or sharing ideas, you can start a podcast. Many podcasts pop up all over the place, but it is a newer field compared to the blogging world and offers many opportunities.

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