The World is fast upgrading to a digital system where Robots will be taking over jobs from people. Indeed, with the threat posed by COVID-19, a good number of Businesses have directed their resources to the online platform. The lockdown was a practical proof that an entire system can function from home and, without direct contact.
A smart world on the rise
Striving hard to catch up with the growing technological and digital advancement requires more money. Many, therefore, have taken to increasing their Income either earning from other sources basically classified as Passive and Residual Income. In this article, I want to briefly talk on how to build a residual Income and enlist some ways to establish sustainable residual income activities.
In a very simple definition, Business is any activity that seeks to provide goods (tangible products) and services (intangible products) to others while operating at a profit.
Income is the amount earned or takes in by an individual by performing business activities. After completing an income-generating activity, the money that an individual receives continuously is known as residual income.
What is Residual Income
Residual income is a sustainable way to enhance an individual´s income. The core focus of residual income is leveraging individual time, business knowledge, passion, and resources to achieve a consistent income.
In this piece of work, my strong desire is to make building a sustainable residual income simply to understand and put into practice.
Ways to Establish a Sustainable Residual Income
- Selling products through an online platform like Amazon or your own website.
- Vacation gateway/Lodging options.
- Investing in commercial real estate with others.
- Leverage your past experiences to create a successful app.
- Investing in high dividend stocks.
- Purchasing a rental property.
- Peer to peer lending.
- Writing and publishing a book or series of eBooks.
- Affiliate Marketing/Partnership
- Creating an online video course, an entertaining audio show, and (or) YouTube Channel.
- Selling handcrafted items online.
Residual income is a sustainable way to supplement an individual’s wealth, build new income streams, and achieve greater economic stability and security. If you are interested in building a sustainable residual income, please contact us and Courage Consultants will help you to proceed swiftly.