3 Ways to Create Passive Residual Income in a Down Economy
More than ever before people are looking for alternative ways to make money. I get the impression that more and more people have learned from the down economy and are NOT looking for get rich quick deals but more looking for ways to create income that actually lasts. This article is three different ways to create passive residual income in this economy.
Passive Residual Income in Real Estate
Now, this is where I came from. I left corporate America to start my own real estate investing company back in 2004. The book Rich Dad, Poor Dad convinced me that passive residual income was something I had to get into and at the time, real estate made the most sense to me.
What I have learned is true passive residual income is pretty tough to create in real estate in my opinion. However, one way that is about the smartest way I have heard is borrowing private money from individuals, paying them 6-9%, finding deals on distressed real estate and doing owner financing for home buyers. With the current state of lending being terrible, you be the banker and best yet, with someone else’s money. This is not 100% passive but it is a way to generate some passive residual income.
Passive Residual Income Online
Now, in my opinion, most affiliate marketing and attraction marketing being done today is NOT passive as they are one time sales or are temporary in traffic generation. However you can make passive income via membership sites that you create or that you are an affiliate of. My Lead System Pro is one that I use that is an online attraction marketing and training membership site.
If you are or become a specialist in a particular niche, you can create your own membership site. If you go that route, I am not sure how passive it is but if you can somehow make it user generated, that would work. I think the passive part of doing your own is hard to implement but is possible.
Passive Residual Income in MLM
Now, this one is my favorite. Why? Because it is something that in my opinion, unlike the other 2, you can put massive action and effort into for a relatively brief period of time and actually achieve what I call TRUE passive residual income. I have personally seen people get paid thousands and thousands of dollars per month in mlm companies that they stopped working over 20 years ago, you can actually see the detailed post here – Income from a homebased business after 20 years of inaction.
Some folks misinterpret mlm as something where you can get rich quick, that is simply not the case. But, you can create massive lifetime wealth by getting into the right opportunity, working it hard and building smart. Of all the options I have researched, passive residual income in mlm is the best option in my opinion.