Boosting your finances

3 Residual Income Ideas to Boost Your Finances

Having an automated revenue is anyone’s dream. Not having to worry too much about your financial security, knowing that it will come regardless is a modern-day wish. However, while residual income is very close to the concept of automated revenue, it’s not exactly it. Making residual income is just as difficult. You need to set up a service or come up with a product and manage it as it goes and not simply let it to the wind.

Residual income, or passive income, implies that you can pay little to no attention to the stream and the stream can keep going. That is not completely correct. Residual income streams have to be watched and maintained. It is, however, a very good idea to boost your finances by starting a side project that can easily fit into your schedule. So, in this article, we’re going to look at some residual income ideas you can start up in between your main projects.

Write Non-fiction

If you don’t have any ideas about writing the next epic, don’t worry. Non-fiction is just as sought after. Business and self-development books are among best-sellers as well, as people look for information on certain specializations or niche markets. Amazon is a great place to publish your eBook. It can reach a large audience and you can tap into a bigger money stream that can benefit you as well. If you have some sort of expertise on a certain topic, then don’t hesitate to write about it.

You can also start a blog based on the same principles but it is far difficult to manage. It needs to be maintained and become popular in order for you to reach significant residual income, not matter how good the information is. Social media strategy and engine optimization are concepts you will need to know if you want to start your blog and turn it into a success.

Develop an App

This is always a good option for those who have technical skills and are generally very good with computers. If you are passionate about new emerging technology and have the know-how, developing a smartphone app is a very good way to go. Depending on what your aim is, you can gather a significant amount in a day or take your time and create the next big thing.

Look at the Android Play Store or Apple’s iStore and see if you can come up with something better. Researching the market and finding a niche you can contribute to is a step closer to having an automated revenue. With the help of development kits and a little bit of intuition and strategy, you could make it happen. This is one of a more difficult residual income ideas but it’s not impossible.

Make YouTube Videos

With the giant that YouTube is today, reaching audiences from all over the world is extremely easy. It’s an open market you can research at your leisure and see what the viewers want. You can also write down what you think is a winning formula. See what type of video is bound to attract the most views. You can tailor that formula to your own channel and start uploading.

The downside is that because YouTube is such a vast platform, it is going to take time and effort to reach the trending page and getting to earn a stable residue income. However, once you do reach that stage, it can very well take up the role of a full-time job.

Final Words

These residual income ideas are just a few of the number of variants out there. However, it goes to show that there are numerous markets you can explore if you have the ideas and the drive. Take your skills and hobbies and put them to good use in a project that can very well be the next best thing.

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