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Increase Your Income Next Year

Increase Your Income Next Year

July 31, 2023

Make More Residual Income

Are you looking for more ways to make more money but are already spending 40 hours a week at your regular job? Residual income could be the answer you're looking for! We're going to let you in on four ways you can create residual income. The best part is that these strategies, unlike other residual income methods, don't require a larger initial investment. Instead, we put together a few strategies that only require a small financial buy-in (or none at all) and the talents you already have!

1. Start Simple Investing

The idea of investing may bring to mind complicated transactions and brokers, but this doesn't have to be the case. You can start investing without a large amount of money or having any investing experience.

A simple place to start investing without much stock market knowledge is through bonds. You can buy bonds for as little as $25, and U.S. Treasury bonds have a history of being lower risk, even though they come with a lower return.

2. Make Your Hobby Work For You

Through freelancing, you can take a skill you already have and use it for more than just your hobby. Create a product or service that multiple people can pay for and use. For example, if you enjoy photography, you can take and edit stock photos to sell online. You can also do this with music, illustrations, motion graphics or still designs.

Someone has to create stock products – it might as well be you.

3. Create Engaging Content

Like making a hobby work for you, you can create content online that people engage with and pay to use. You may have to spend some time and effort creating the content people want to engage with, but the financial cost can be minimal.

There are many content avenues you can choose from, including a website you own, a blog you write, video content you publish, a podcast you broadcast, a book you write or even an online store.

4. Rent Your Property

You don't need a separate investment house to rent your property to people who need it. Through peer-to-peer rental companies, you may have more to offer than you realize. You can rent out your apartment while you're away for a weekend, offer just one room in your home, or rent out other belongings like your car, bike, or even your equipment like skis or a snowboard.

Try these methods of earning some residual income and keep working towards your future financial freedom.

The return and principal value of bonds fluctuate with changes in market conditions. If bonds are not held to maturity, they may be worth more or less than their original value.

All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.