6 Ways To Make Recurring Income

Admit it. We cannot survive in today’s society if we do not have money. No matter how much money we have, we always dream of getting more. We all want financial freedom for we cannot reach our full potential if our money is limited.

Most of us have usually one source of income and this is from our regular day job.

We use this to pay for our needs like bills and groceries. If there is a little left over, we save it and invest it.

Now the question is: How can you add to that income?

Generally, there are three types of income.

These are

  • the income we get from work,
  • the income we get from financial investments and
  • the income we get as passive income from business opportunities.

The last two allow to build recurring incomes!

Good investments make good and reliable future recurring incomes. This is the usual pattern of thought when we are young: Invest money while working, and use the interest once you stop working.

It doesn’t work out well for everybody, though. Often people feel pressed to use their savings in advance, which is a horrible strategy, of course, end ends in poverty when old.

Realistically, we all can’t work forever.

  • When we stop working however, money from our work income stops pouring in.
  • When we do not earn anything, problems pile up.

That’s why it’s great to build more assets that provide recurring income; ideally ‘passive’ income that will keep pouring in when we don’t work.

1. It is good if you have assets and investments like stocks and bonds and other forms of passive income. The ultimate goal here is to be little involved in the money making process but still earn a good amount of money. If you want to earn more than what you have now and have enough money for a decent and comfy retirement, there are many ways to create a recurring income.

2. Starting a career in real estate is financially rewarding. Did you know that real estate is the #1 millionaire maker? You can either buy and sell real estate properties or build buildings on a piece of land and rent it out. Renting it is what will provide the recurring income. You will not only earn high commissions from your sales, but by renting out your spaces, you will have rental payments rolling in regularly without lifting a finger.

3. Earning royalties from the use of trademarks, patents and copyrights is another way to earn a recurring income. If you have authored a book, patented an invention or written music, you will earn royalties for each unit sold. While not everybody may feel fit to be an inventor with patents, writing books is quite common for hundreds of thousands of people. The challenge, of course, is to stay in print and sell a relevant amount of books regularly.

4. You can also earn a residual income from selling insurance. Once you sell an insurance plan, you will be receiving a commission on a regular basis as long as your client is still actively paying for the plan. You need to check, though, what happens to your recurring commissions once you stop actively working for the insurance company.

5. Another way is to create a business like a restaurant or a hotel, or any business that can be managed by employees or even branched out. Once your company has grown and you feel that it is already stable without you directly running it, you can hand it over to a trusty manager who will be in charge of taking care of the minute and mundane details.

6. Lastly, you could become a Joint Venture broker. By networking and bringing together business partners for joint ventures you don’t have to work on the actual business ideas, but you’ll receive recurring fees on their deals. It’s a great opportunity for people who have lots of business ideas, but no interest into actually creating these businesses.

The 6 options above cover extremely different income models, suited for different people. Investing is a strategy surely everyone should use, without exception. You need to make sure that you put money on the side while you’re actively working.

If one of the other 5 recurring income models ignites your passion, use Google to research the topic, and get started building additional recurring income.

Featured images:
  •  License: Image author owned
  •  License: Image author owned
  •  License: Image author owned
  •  License: Image author owned

By Ralf Skirr

This article was written by Ralf Skirr. He’s writing about more business and income ideas at his Blog InternetBusinessMastermind.

5 Responses

  1. I wanted to take the time to thank you for your insight on ways to earn an income. We have started our energy business and blog to earn some residual income. What advice would you give a newbie in gaining followers. We blog about our energy business and saving tip on http://OurAmbit.com and our affiliate marketing advice in our http://siriusnetwork.blogspot.com/ blog.
    Thanks Again,
    Paul Truman

    1. Hi Paul. Thanks for stopping by. My best advice is to stay consistent with your blogging. It takes time to gain followers. Make sure that you give people as many options to subscribe and follow as possible. And continue making your presence known on other blogs through commenting and sharing. Good luck!

  2. A great topic. I often encourage people to think in terms of defining their wealth in terms of being able to live their desired lifestyle on portfolio and passive income, sans earned income.

  3. Waw Ralf… You said it in simple words. The point you mentioned about real estate is really encouraging. Other points you mentioned are also good,but this one I found as the best because anyone who knows simple sell and buy rule can make money easily out of that. I have personally known many people becoming wealthy in no time with real estate business. Thanks for sharing this. Great job.

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