Do you want to build up residual income? These residual income ideas are perfect if you need money now or want to earn extra money in the long term.
What is Residual Income?
Residual income means that you make money after you’ve done the initial work. You have invested time, money, or both. Over time, you start to make money without having to do any active work for it.
With peer-to-peer (P2P) lending, you can loan your money to people, your peers. They will pay you back with interest.
Purchasing rental properties and investing in real estate is a classic way of creating residual income. Real estate investing is great because you get a steady stream of side income with many potential upsides.
REITs are companies that invest in real estate, and you can get a share of their rental income. They are 100% passive and give you consistent residual income over the underlying property.