How Do I Make Money? 15 Residual Income StreamsAug 25, 2021
What are some ways in which you can make money? There are many different methods, but the most common one is by getting a job. However, other options will let us earn money. One way to make money is through residual income streams. Residual income refers to an amount of ongoing revenue from previous work or investment that continues to produce this type of profit regularly even after you pay all associated costs and has reached peak earnings potential. This blog post will discuss 15 different income streams and see if you can try to have them as an income stream for yourself.
1. MorningCoach membership
MorningCoach is a website that provides services for self-help, motivation, and productivity. It started as a podcast back in 2005 where I do a coaching message every single day. It eventually blew up to it now, encompassing multiple services like events, programs, and blogs. The coaching system I provide involves a method called Get It Done - NOW! Individuals can select the program that best suits their needs, ranging from a do-it-yourself level, group coaching, and business development network. The Get It Done - NOW! program started at around $20 for membership fees, and currently, it's $100 to $500 a month. The $100 level is for my coaching every day in the system, and the $500 level is for the group coaching where we have events and do some get-togethers. This membership-based system has remained my number one revenue stream for years, and it continues to do so.
When you're just starting, don't expect to immediately earn lots of money if you decide to try creating a program or website that uses memberships as a source of income. You have to establish yourself first as a reputable and trustworthy person for the services you will provide through your website. For this business model, it's crucial to build a good community around you and then see what benefits you can provide to them. From these services, see which ones you can monetize, and you go from there. It takes time and perseverance, but this community and membership-based endeavor is something you can try doing to earn passive income.
2. Mastermind group
The second main driver of income for me is my mastermind group. A mastermind group is composed of several members who engage in peer-to-peer monitoring. Members help solve each other's problems by acquiring input and advice from each other. In my case, I hold a mastermind group with high-level business executives and people growing businesses. We hold meetings three times a year, which acts as a source of residual income since I only have to do this a few times a year. A seat in the mastermind group costs several thousands of dollars at a minimum, and it goes up a little bit, and this is how I earn money from this.
This source of income works in the same way as the first item mentioned above in that you have to get a good community around you before you can turn it into a passive income stream. If you're the type of person who likes to reach out to others and have some good knowledge and skills that you can share, this is an excellent way to earn some money.
Coaching other people in their life is another primary source of income for me. I don't do much individual coaching, but I have a 90% plus retention rate for my clients, and I have clients that have been with me for several years. Aside from individual coaching, I also focus on doing group coaching of around 8 to 10 people. My coaching services cost around a thousand dollars per month to $10,000, depending on the number of coached people. There are also lower tiers available for the coaching services.
Life coaching is a billion-dollar industry that includes professional coaches. You could try your hand in this industry if you are a person who wants to advise others and is knowledgeable in the areas of self-growth, motivation, positivity, and productivity. Life coaches can specialize in different life areas like career, finance, health, relationships, business, and family. There are certification programs out there and organizations, the International Coaching Federation comes into mind, that provides further education and training to become a professional life coach. Who knows, you might find a new calling with being a life coach and turn it into your primary source of income.
4. Speaking fees
Being invited to be a keynote speaker does well for me as an income stream. I get paid around $20,000 to $25,000 per keynote. Aside from this, I also make retreats, and the ticket prices for the retreat cost several thousand dollars each, depending on what we will be doing.
A keynote speaker sets the conference's central theme and acts as the headline speaker in an event. A keynote speaker is an expert in a particular field and has extensive knowledge about the specialization. Again, this requires some reputation from you before you can get invited to speak as one, and the same thing with retreats. However, if you happen to be someone who is already in the life coaching industry, these are things you can branch out to generate passive income.
5. Course sales
Along with my life coaching business, I do an Intelligent Life Design course for $2,000 and sell it as a service to my clients. Aside from this, there are a couple of others that generate revenue. If you are already in the life coaching industry and have your website and blog, you can create online courses that detail systems and structure for personal growth and development, and these are ones you can sell to others for extra cash.
6. Book sales
If you have good writing skills and a creative mind, you can try writing a book and make it a way to earn passive income. You can earn money writing a book by receiving advance payments from the publisher and royalties on net profit from each book sold. When you're just starting, don't expect too much to earn high amounts of money from this. You need to sell a good number of books to make significant enough, and you can't be an instant JK Rowling that can earn millions through book sales. Still, this is a promising avenue for earning money, and you should consider doing it, especially if you know how to write well and tell a good story.
7. eBay and Amazon sales
E-commerce is such a big thing nowadays. Amazon and eBay are two major companies that come into mind. Making money on e-commerce by buying and selling is a good side hustle. If you have things or gadgets you don't use anymore, you can try selling them online. Alternatively, you can engage in e-commerce as your primary job. The main thing to remember to build wealth doing this is to buy low and sell high. Do some research on a product or service that is in demand and zero in on that. Find sites that sell the desired products for a low price, buy them, and then sell them on eBay or Amazon for a reasonable price. You are not just limited to eBay and Amazon. If you have a social media account, you can try online selling and have your account act like a marketplace for others. You can also try creating a website to serve as an online store for products you want to sell.
8. Joint ventures
The way joint ventures work for me as a source of income is that people will come to me and ask me to sell with them. This service can come in the form of someone asking me to help sell their online course, and so I earn money from it since I just helped somebody sell their service.
9. Product sponsors
Product sponsors work in the same way joint ventures do for me. People will come and ask me if they can appear in my show, specifically in my podcast. I then get paid by people who act as product sponsors for my show.
Outside of my situation, one can earn money from product sponsors only if they already have an established platform with a significant following. Brands and companies would not reach out to you if you don't have a large audience since they want their products and services to sell. Nowadays, practically anyone can gain a significant following through social media and having an online presence. Assuming you can build up a good amount of followers, brands and companies may reach out to you and turn your platform into an advertising machine for their products and services, and this is how you can earn income from this.
Among several passive income streams, having a YouTube channel is an excellent way to make passive income. This method works because YouTube will pay you depending on how many views your videos get; the higher, the better. To make this an effective source of passive income, you must create content that people will like and want to watch, and this will equate to more people watching your videos, which means more revenue for you. YouTube also has its own set of guidelines that you must agree to and follow before monetizing your channel, which takes time. If you can gain traction from a good number of people, then you're good to go. Also, the number of views is not the only way you can earn through YouTube. If your channel is doing good, it's possible to earn income through sponsorships, creating your merchandise based on your channel, or affiliate links. Building a good YouTube channel requires exemplary dedication, especially if you decide to be your primary job. You will need to post regularly, have some good equipment, and be knowledgeable about your niche. If it all works out, then it will become an excellent active income source for you.
11. Amazon affiliates
Amazon Associates is Amazon's affiliate marketing program. Affiliate marketing allows one to earn income by gaining a commission from marketing another company's products. This method works in the same way as product sponsorships in that your blog, website, YouTube channel, or platform will have advertisements of the products from the affiliate marketing program that partners with you. Depending on the program, you can get paid per sale, click, or lead. And what better way to earn than to sign with Amazon Associates, considering how big of a name Amazon is in the world of e-commerce today.
12. Real estate
Engaging in real estate is one of the best passive income ideas to try, but you must be knowledgeable enough in this field to earn income from it. There are several ways to make money through real estate. Inflation plays a significant role in real estate. When it comes to selling a piece of land, buy it at a low price, wait for prices to skyrocket in the market, and then sell it for a much higher price than when you bought it. If you have the cash to spare, you can purchase properties and turn them into residential and commercial properties that gain rental income and other fees that tenants have to pay. You can also engage in the business of flipping, where you buy properties and add fixtures that give high returns and then sell the property. Airbnb is another option you can take where you can turn houses into rental properties.
Real estate investing requires a good amount of money before you can start engaging in it. However, if you know what you are doing and have significant amounts of cash, real estate investment can prove to be a lucrative side hustle.
13. Stock market
There are many guides online that show how you can earn an income through the stock market. Like real estate, you have to know what you are doing when engaging with the stock market, or you won't earn any money. The main principle with the stock market is that you buy stocks of companies, and when these companies make a profit, your bought stocks also earn a profit. It's like you become a part-owner of the company where you bought stocks. When companies make losses, so are you. The principle of buying low and selling high also applies to stocks. Playing with the stock market to earn some money is a long-term investment, so don't expect immediate returns once you start doing it.
14. Running a business.
I run my MorningCoach business as a primary driver for income, but aside from it, my wife also runs a cleaning company. It generates additional revenue for us and can help pay for other things like bills and groceries. The idea is that if you already have a job, you can have your partner or somebody else you trust to run a business or several small businesses. So there would be additional income coming in aside from your primary source of income.
Okay, golf exactly won't pay you something unless you win tournaments, but I did include it here because I sometimes win some cash prize from it. You can replace golf with any hobby or thing you are passionate about doing. If you are into cooking, maybe you can sell some of your dishes. If you are into arts and crafts, you can sell your creations to others. If you are knowledgeable in computer repairs and building PCs and like doing it, maybe you can sell your service to others who are not knowledgeable in computer repair and building. You can even turn your hobby into a full-fledged business if you decide to grow and expand it.
Generate passive income and earn money while you sleep
Aside from the income streams I mentioned above, many other things can become sources of passive income. The thing with residual income streams is that earning passive income becomes possible without trading your hours for money, which is how things are when doing a standard full-time job for a company. Generating passive income is something to consider, especially if we want to have more time to do the things we enjoy and like. It's even possible to leave the full-time job set up in an office and go full-time working on multiple passive income streams. Always remember that when you are just starting to do a passive income idea, money wouldn't immediately flow to you in large amounts. There will be risks and problems along the way. You have to invest time, practice, and learn the skills necessary to make your residual income streams successful.