Wealth is thought of as being reserved for those that have the means to create and make money. These may be the rich and famous or even those that have inherited money. Why can’t we be part of those people that are wealthy? What rules restrict us from being able to make this wealth for ourselves and our families?
Residual income is an income that can be passive. The calculation determines how much profit or excess income is available after all expenses are paid off.
Here are 10 ways you can create residual income for yourself.
Owning real estate can be a great way to generate monthly income. You can purchase a single-family home, duplex, or even apartment building. The great thing about owning real estate is that there will be a good cash flow coming in every month.
You can manage the property yourself or even hire a property manager to help you with the property. With a property manager, you can put some of your time into other valuable items, but you can manage the property yourself to obtain more income.