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Personal residual income, often called discretionary income, is the amount of income or salary left over after debt payments, like car loans and mortgages, have been paid each month. For example, Jim’s take-home pay is $3,000 a month. His mortgage payment, home equity loan, and car loan are the following respective: $1,000, $250, and $200. Using a residual income calculator, Jim would calculate his RI to be $1,550 a month. This is the amount of money he has left over after his monthly debt payments are make that he can put into savings or use to purchase new assets.
You must be at least 21 years old, have at least one year of licensed driving experience in the U.S. (three years if you’re under 23 years old), have a valid driver’s license and pass a background check. Also, your car must be a four-door, seat at least four passengers (excluding the driver), be registered in-state and be covered by in-state insurance.
Use the law of supply and demand to your advantage. Most of us are familiar with the law of supply and demand--the more there is of something, the cheaper it is; conversely, the rarer the product or service, the more expensive it is. However, other than when we get to a toy store before sunrise to get on line for the latest fad toy that kids can't get enough of, we don't really apply the law of supply and demand to our own lives--particularly our careers. For example, if you're aspiring to do something that many, many other people want to do (so much so that they do it for free, as a hobby) then it will be far more challenging for you to make money doing it. On the other hand, if you do something that most people don't want to do, or if you get very good at doing something most people don't do all that well, then you can make a whole lot more money. In other words, choose a career in pharmacy over photography.
A private equity fund is a collective investment fund that pools the money of many investors to invest in real estate. Private equity funds often consist of several different investments, which increases diversification for investors. Additionally, Private equity fund managers are often real estate experts who employ very rigorous due diligence and underwriting standards.
Landscape. Look for brush-clearing, mowing, or woodcutting jobs, some of which may land you regular customers. This can save you money at the same time: if you are hired to pick up pine needles, use them to mulch your roses, which will appreciate their acidity and smothering effect on weeds; if you are hired to cut and clear a fallen tree, use it to heat your house that winter.
Many people talk about passive income and create the impression that you never have to do anything to keep that income going. The truth is that you will normally have to keep your eye on things if you want it to run smoothly. For example Richard Branson doesn’t run any of the 400+ companies he started but he goes over the numbers each day to make sure they’re performing well and calls the CEO if there are any problems.
If you actually enjoy putting together Ikea furniture or standing in long lines, you may be cut out for doing tasks for others. Websites like TaskRabbit can connect you with people who need help with a variety of things. Moving, cleaning, delivery and being a handyman have the “highest earning potential,” according to the company. Read about how to get started on TaskRabbit.
Profit from you photos. If you’re skilled with a camera, you can turn your photos into cash by selling them to stock image sites, such as Shutterstock.com. If the photos you submit are accepted, they can be downloaded by Shutterstock’s subscribers and you can earn anywhere from 25 cents to $120 per image download. Other sites that accept photos from contributors include iStock, Dreamstime and Sqeeqee.
If you have graphic design skills then you could make money online by creating and selling your own design elements, like templates, fonts, graphics, and other assets. This is a great way to earn extra money, and build up a portfolio of work, which could lead to you picking up freelance graphic design jobs. Websites like Envato Elements pay you a fee per element sold, which can become quite profitable if your work is popular.
One thing I’ve learned working for myself and building passive income is that you absolutely must have different income sources. Any one of these residual income strategies can make you a lot of money but to really find financial independence, you can’t depend on just one stream of income. Diversify your income by putting together a strategy of multiple streams of income and you’ll never have to worry about money again!
We've partnered with The Foundation for Learning and Youth Travel Education (FLYTE), a nonprofit organization that empowers youth living in underserved communities through transformative travel experiences. FLYTE teaches that we are more alike than we realize. By bridging the gap between fear and understanding, FLYTE empowers future generations by connecting them to the world.
I recently stumbled on the Trim app and I have to say, this one is a game changer. It’s a simple app that acts as your own personal financial manager. Once you link your bank to the app, Trim analyzes your spending, finds subscriptions you need to cancel, negotiates your Comcast bill, finds you better car insurance, and more. And of course, the app is free! My bet is that it will only take a few days for Trim to put an extra $100 in your pocket. So easy!