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Residual Income for Beginners

What is residual income?

In this case, it’s simply money that keeps coming in every month as a result of past work you’ve put in. In a traditional office job or service industry, you get paid a flat fee for the hours you work. In the age of the internet, however; it’s becoming easier to find ways of creating value for people with low startup cost and keep earning money off that value with minimal additional effort. Often it takes several different projects to put together a reliable monthly income.

How can I get started?

There are many ways in which you can make this happen for yourself. The best way I’ve encountered is to find a balance between:

  1. What you’re good at doing.
  2. What you like to do.
  3. What people will pay money for.

Somewhere in there lies a path for you to set up some residual income streams.

Is it easy?

Not really, but what in life worth doing ever is?

Is it possible?

Absolutely! It just takes a lot of work (think 12+ hours days), but when you’re doing it for yourself it doesn’t feel like work at all.

Making a Website

You’ll probably need a website to promote your brand, product, or service; luckily there are ways of creating one with minimal effort or technical skill. Many of the free services (Tumblr, Blogspot, WordPress.com) have a lovely price point but suffer in the interest of simplicity. If you want

  • your own domain name (i.e., yoursite.com, which also makes search engine discovery easier),
  • the flexibility to make it look the way you want, and
  • the flexibility to do what you want with it (such as monetize the content)

you’ll need to get your own hosting account. I’ve used Bluehost for all of my sites because they’re cheap, reliable, and have knowledgeable customer service. They also have a 1-click WordPress install, which is the authoring environment you’ll want to be using.

For more information on how to set up an account and get going with WordPress, visit the From Zero to Website in 5 Minutes page. Note: if you click on the Bluehost link above I do get an affiliate cut, but I recommend them because I’ve been using them for years with dozens of websites and no complaints. It does no one any good to promote shoddy products and tools.