In 2020-2021 as investors around the world have been rocked by a wide variety of factors including COVID-19 19, lockdowns, social unrest and economic uncertainty, the good news is that it’s still possible to earn passive residual income.
Creating as many passive income streams as possible should be a goal for every investor because having more passive income streams is what’s going to make it possible for us to live the lives of our dreams.
In this article, I will share with you several tips that you can use for creating passive residual income in 2020-2021.
Leverage The Internet To Earn Passive Residual Income
The key to financial freedom and great wealth is a person’s ability or skill to convert earned income into passive income and/or portfolio income. – Robert Kiyosaki
One thing that every investor around the world has in common in 2020 is access to the internet.
What’s great about our internet access in this day in age is that most investors also have high-speed internet access that enables us to download data and conduct business at a rate of speed which would have been unthinkable 20 years ago.
If you’re an investor who also feels comfortable utilizing the internet, here are several ways that you can leverage the internet to earn passive residual income.
Buy An Existing Blog – Let’s face it, starting a blog takes work but what if you can purchase a Blog that was already receiving consistent web traffic? If so, this would be a smart investment because, instead of having to spend months, or years, creating backlinks and building traffic to that blog, you could start with a blog that’s already receiving traffic and has readers in place.
The key to success with purchasing an existing blog is to verify the traffic that that blog is already receiving traffic and has a good SEO ranking for the niche that it’s about.
Once you verify the blogs ranking, and traffic, the next thing to do is to add some residual income streams including Google AdSense and affiliate marketing opportunities.
Most existing blogs that receive consistent traffic are selling for an average of $3,000.
By adding affiliate marketing promotions and Google AdSense, you can easily generate passive income from that blog upwards of $1,500, or more per year.
He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary. – Mokokoma Mokhonoana
Write An eBook – Besides buying an existing blog, another proven way to create residual income is by writing an eBook.
If you’ve never written a book before in your life, you’re not alone. The good news though is that with an e-book, you can easily write one in as little as one weekend because, most eBooks don’t have to have the same page count as a Steinbeck novel since the average e-book is only about 50 to 100 pages in length.
Don’t Panic, writing an eBook it’s very easy to do and if you’re the type of person who doesn’t like to write, the easiest thing for you to do is to create an outline of what you want your eBook to be about then hire a freelancer online to help write your eBook for you.
Create An Online Course – Besides creating an eBook, another thing that you may want to consider doing to generate passive residual income is to create an online course.
As with an eBook, it’s easy to create an online course but, the key to creating a successful online course is to offer a ton of value in your course materials.
Creating an online course isn’t something that you can do without a lot of thought. Make sure that you offer value in your course because you can also upsell other high value products and services to your course clients.
So far, I’ve offered you several ways to generate passive income on the internet. Keep in mind that I’ve only have scratched the surface when it comes to the variety of internet-based income opportunities that are out there because the internet is constantly changing and new ways to generate revenue online are created every year.
Remember, when it comes to either writing an eBook, buying a blog, or creating an online course, the key to successfully creating online passive residual income is to focus on what you know because creating a product based on your knowledge, or passion, is what’s going to lead to long term sales for you.
Invest In Real Estate
As an investor, one of the best ways for generating passive residual income that I found over the years is by investing in real estate, specifically in multi-family properties, because multi-family properties are more in demand than ever before.
If you’re not ready to invest in a multi-family property just yet, the good news is that it’s easier than ever before for investors to get started with investing in multifamily properties by investing in a real estate investment trust, or crowdfunding.
Let’s say that you’re ready to purchase your first multifamily property. The key to success with purchasing a family property is to first do your due diligence.
Due Diligence Checklist:
Conduct A Market Survey – The first thing to do before purchasing a multifamily property is to learn more about the area where the property is located by doing a market survey. This is important because you want to investigate the stability of the local economy and do a comparative analysis of other rentals in the area.
Financial Audit – Learn more about the property by requesting one year’s worth of profit and loss statements, 3 years-worth of bank statements, tax returns, and utility bills.
Property Assessment – Last of all, you should do a property assessment to review the condition of the property so that you can confirm if it has deferred maintenance issues and needs repairs before you move forward with purchasing it.
Contact Trier Capital
At Trier Capital, our simple step-by-step process allows you to accelerate your wealth creation so you can live a magnificent life on your terms, whether that means traveling the world, spending more time with family and friends, or making an impact.
To learn more about investing in multifamily properties, or to learn more about the benefits that we can offer you, contact me today by calling (630) 229-2383 or click here to connect with me online.