More than 40 million Americans report having a side hustle.
However, not all side gigs are the same. Some, are as restrictive as a full-time job, whereas others are more freeing.
A quarter of Americans earn money from digital platforms. But many don’t know what opportunities await online. The internet offers a limitless number of ways to make passive income from anywhere in the world.
Read on to learn about residual income opportunities you can take advantage of right now!
Write an E-book
It’s now easier than ever to publish an e-book. With Kindle Direct Publishing, you can have your e-book on the Amazon store in less than 10 minutes. Using the iTunes Producer app, you can sell your e-book on the iTunes store as well.
If you have any story ideas floating around, spend some time every day chipping away at a novel. If you have expertise in a certain field that you’re passionate about, write a nonfiction book on that topic.
The best part about publishing an e-book is that it won’t cost you much upfront. You might have to pay for a cover design and editing, but the vast majority of e-book platforms are free to use.
Try Affiliate Marketing
Affiliate marketing is one of the best residual income opportunities available to anyone. It enables you to rake in commission for every sale that comes from a link on your site.
To start things off, find a niche to build your site around. Look for niches that are low-competition yet garner some interest.
Once you choose a niche, put together a website and begin coming up with content ideas. Conduct keyword research to find long-tail keywords you can rank for.
Finally, you’ll need products to market. Clickbank features a huge selection of products across a wide variety of categories. You could also become an Amazon Affiliate and make money by linking to Amazon products.
Put Together an Online Course
Nearly 7 out of 10 academic leaders believe online learning is vital to their teaching. E-learning is now more popular than ever thanks to younger generations that grew up using the internet.
To take advantage of this opportunity, think about what you’re good at. Maybe it’s coding, or maybe you speak several languages. Regardless of what it is, you can become your own boss by creating an online course.
Record video lessons for your students. Put together pdf files or short e-books, and prepare emails for your students. You can even host your course on a site like Udemy.
Do Peer to Peer Lending
When borrowers can’t get a loan from a bank, they turn to peer to peer (P2P) lending. When done properly, being a P2P lender can help you become financially free.
As it stands, Lending Club and Prosper are the two biggest P2P lending platforms. Funding Circle and Upstart are two alternatives. Depending on the site you choose, minimum loans can range from $25-$100.
Keep in mind that if borrowers default, chances are slim that you can recoup your money. However, there are usually several lenders for each borrower. Therefore, use diversification to spread your risk across many borrowers.
Choosing the Right Residual Income Opportunities
Some passive income strategies require a lot of effort upfront. For example, you need to record many videos to put together an online course. But once the course is complete, you only have to update the curriculum every couple of years.
If you have a skill you can teach others, create an online course. If you enjoy writing, publish an e-book or write a blog for your affiliate marketing site. If you have some money sitting around, try P2P lending.
Choose the option that best suits your situation.