In today's time, when costs are rising like never before, it is very important that the regular income, which a person earns from his job, is supplemented by some extra money.
Residual income, also known as passive income, can be defined as one, which is generated continuously, on a regular basis, long after the initial work that is done to earn it, has been discontinued.
In other words, a person who earns residual income is no longer directly engaged in working towards earning it. This is very advantageous in the sense that since no more time is being spent on generating passive income, more money can be earned by the person by engaging in some other work.
Another advantage is that in some cases, it can last a lifetime, thus supporting the person when he is old or is no longer in job.
Residual Income Opportunities
One of the most popular among residual income opportunities is MLM or multi-level marketing business. In this business, the person sells a particular product or service, through a network of people, created by him. He earns money through commissions on every product sold by his network.
The person has to slog a lot initially to form his network, but once it is in place, commissions keep pouring in as passive income, on a regular basis. With the advent of Internet, MLM has reached new heights with many people earning through various online marketing companies.
Affiliate Marketing Program
Joining an affiliate marketing program, also known as an associate program, via the Internet, is a good way to earn money. Affiliate programs are started by companies in order to promote their services or products.
All a person has to do is to enroll for one of these programs. Once he is enrolled, he is given his own website and an ID. Every sale that is made by the company because of this affiliate website, the owner is compensated for it with some pre-decided percentage of sale money.
Another way through which a person can earn money is by becoming an insurance agent. After the initial effort made on selling the policy to a person, an insurance agent earns continuous money through commissions that are earned every year, when the customer renews his insurance policy.
If a person has a special talent for writing, he can earn by writing books. Whenever a book gets sold, money can be earned from the publishing company by way of royalties. A person can write e-books and sell them on the internet too. In-depth knowledge of a particular subject and creativity, are the prerequisites, to succeed in the business of writing.
Becoming an investor is the easiest way to earn money. Of course, a person needs money to become an investor. Investing in various schemes which the banks and other financial institutions come up with, helps the person to earn interest and dividends on them on a regular basis.
Another good option is to invest in real estate, by investing in a house or a shop, and then putting it up for rent.
There are numerous business opportunities available these days, both online and offline. A person can opt for any of these opportunities and gain the security of a passive income.