Creating residual income is a great way to augment your primary income stream. By building several different streams of income, you can earn a good chunk of change over time. Depending on your niche, it can also be a lucrative business.
Can you live on dividends?
The best way to build your residual income is to find a niche that you enjoy. Whether it’s writing romance novels or a hobby like gardening, you can take your passion and turn it into a profitable business.
One of the simplest ways to generate residual income ideas | Go X is to rent out your extra storage space. There are many people out there willing to pay a few bucks to keep their stuff safe. This can be done with a simple self storage unit or by starting your own YouTube channel.
Another way to make residual income is to create a high-yield savings account. The interest rates on these accounts have dropped a lot in the past few years, but you can still earn a nice bit of dough if you know where to look.
Aside from the traditional methods, there are a number of innovative digital platforms that are cropping up all the time. You can create a website and sell a variety of products. If you’re feeling particularly creative, you could even start a subscription service.
The best way to generate residual income is to do it with the cheapest possible costs. For example, you can buy a self storage unit for your own use, or get rich while you sleep by letting others rent out your spare room.