Looking for 7 Income Streams to Earn Some Extra?
Hey buddy! Yeah talking to you! Why are you really here? What has really bring you here? Do you really think earning money is Cheap at half the price? Then might be you are at the wrong place.
Definitely there’s no shortcut in making money, you have to earn an honest penny…
Your dream of becoming an independently wealthy lad for a lifetime would be a reality now. Make it happen and don’t waste your time with a rambling excuse!
I’m going to lift the curtain from making money and be a successful entrepreneur at a drop of dime. If you, my friend are wondering that becoming a millionaire overnight is a cushy job just stick to me for a while! I want you to become a millionaire but with the authentic ways.
Have you heard of “Make money while you sleep”. If yes then you guys know how much tempting this line is. If you want to be an influential entrepreneur then stop browsing millionaires and just be the one.
Earnings rolling in from all over the possible ways sounds exciting, right? But Lamentably, it’s quite hard for some people to figure out how to generate just a single income stream, let alone more than one.
When I started learning these income hacks, it took a while in grasping the knowledge to sink in. But if you are dedicated to yourself then the situation never goes out of hand.
Think about the ways and rate your potential on a scale of 10 before we get started. Sharing a story with you guys! I don’t believe in a traditional job of 9-5, this job betrays you when you need money the most. You can read my article on 13 highest paying jobs that do not required degree as an alternative.
My uncle was a marketing specialist at a leading firm, paid with a handsome salary and a bunch of perks. But he lost his job during the downsizing of a company and was totally broke at that time.
He never thought of earning money with a passive income stream and was head over heels in debt.
He’s no more with me but I never want people to regret their whole lives just like my uncle did.
RIP Uncle! And thanks for the financial lesson! 🙁
Not asking you fellas to quit your jobs just choose the right path in making money on the side. It would be a great benefit…. Trust me!
Everything You Need To Know About Income Streams
Make sure that money never stops coming in… There’s a flip side of every story and the job bears a risk of financial freedom we all know it. Let’s break the stereotypes and enjoy the perks of diverse income fields.
Before telling you the 7 streams of income, here’s why you need to choose multiple income streams.
Allows You To Take More Risks
- Start a new business.
- Invest in few more business.
Allows You To Be Creative
- You enjoy while earning.
- You earn passionately.
- Bring new innovations to your businesses.
Allows You To Build Sinking Funds
- Save for your vacations.
- Save for occasions.
- Save for your educational plans or wedding.
Helps You Pay Down Debt
- Knock out your debts.
- Paying off debts become a lot easier.
Creates More Financial Security
- Save money for your future plans.
- Invest in businesses.
- Build a nest egg.
Provides A Safety Net
- No fear of losing your job.
- Grow avenues to earn more.
I’ve made it a lot easier for you guys to understand that why you need to get into this because it’s never safe to put all the eggs in one basket… Grab yourself from the stressful scenario of earning. I’m here for you so no need to worry 🙂
Hold On To The 7 Streams of Income!
Making it way simpler now, dive into it to before you lecture your ears off 😀
Just be patient and work hard if you have a craving for making piles of money. So, how can you earn from multiple income streams. Let’s buckle down to financial freedom!
Here you go!
1. Income earned from a business
Investment in a business is an excellent source of income, you are your own boss. You never fear of what is happening in the job market. Job gives you financial freedom? No! No! No! So a job is not a solution…
Why not investing in small businesses and earn money while sleeping? Yes you could do it but it requires your attention…
Stay ahead of the curve and make money with the business income stream. Make business your ‘hobby’. It’s important to have a side business guys. The ratio of businesses has been ramping up in United States. People are now aware that the only job isn’t enough!
Cultivating business as a stream of income is not just a dream. Make it a reality now! Plunge into the following tips, I am sure you’ll find a suitable niche for your business. Now take a sip of tea and enjoy reading!
- If you are a tech- person, Freelancing is the best option for you guys.
- If you have an artistic mind, start your e-commerce store.
- If you believe that you are a good writer, then start your blog!
- If you are good at something then make your e-book or a digital course.
- Business needs an investment of your time, money and hard work… Now coming straight to the point: why business?
- It gives you independence.
- You enjoy creativity.
- You have greater learning opportunities.
Boost the motivation in you guys! & “Have the end in mind and every day make sure you are working towards it”
2. Income earned from a Job
A bit surprised about this? So why not leverage your job to grow your business. I know I was telling all along that job won’t get you your longings for financial independence…
I am not even saying that job sucks but you can invest a particular amount of money from your salaries. Start your business from your chunks of salary. Grow your business with your job.
You can quit your job once you have accomplished all your dreams, I kid you not when I say this. Do something which you really enjoy!
Always Remember, “Money grows on the tree of persistence.”
3. Real estate investments
I’m currently associated with real estate. You must be saying….Why? Because I love to invest in real estate, and it’s really very helpful to diversify and broaden my portfolio.
The thing is, I’m not emphasizing on purchase of brick-and-mortar buildings. I tried this many years ago with my father-in-law, but the results were devastating.
Fortunately, I have concluded a way to real estate investments which doesn’t require any kind of searching for properties. The previous year, I was on the front with my first real estate note.
I bought a real estate note and invested across various properties. In return, I made a flat interest rate. I invested cash in it and it doesn’t have to be a bigger investment.
You also can go for smaller deals especially the ones which need to get repaired. If you wanna consider real estate, let me adorn with you a piece of advice: Don’t jump into it without a ton of research. It’s not that easy as they pretend to be.
4. Investments In Stocks
Investing in dividend stocks is a great resource to generate a passive income. You won’t need any stock to sell for the generation of that income (you might be interested to learn 30 household items to sell for quick cash). That’s why it has to be in the list of my 7 streams of income to make you money.
However, you will need to buy a substantial amount of shares to see multiple streams of revenue from whatever the dividend stock you have selected.
Before finding the right dividend stocks, do proper research. You don’t need to initiate by being familiar with everything, but you should possess a desire to understand and learn.
Start building up while keeping an eye on high-income generating dividend stocks constantly.
5. Dividend Income
Increasing income via multiple income streams is a key element to enhance your we
alth. To increase your dividend income, consider the methods and try to implement them.
Following is a step by step guide to follow for enhancing your dividend income:
ADD NEW CASH TO YOUR PORTFOLIO
- Income generated by your job should be rolled into it.
- Invest your money in dividend-paying stocks.
RECEIVE DIVIDEND INCREASES
- Buy and let the firms work to increase their dividend income.
- Receive-dividend enhances from the firms you own.
REINVEST YOUR DIVIDENDS
- Let your dividends assemble in cash and reinvest the cash in different stocks.
- Invest your dividends again.
- You may sell your portfolio for a perpetual dividend income.
- Swap the lower-yielding firms with those that have higher yields.
6. Rental Income
So, Guys! This is one of my favorite way of generating a passive income. You could snag an amount for your free space at Airbnb, and earn a handsome amount for that…
If you have a vacant property, Rental income is the best option for you. You could rent out your spare house or extra space for vacation rental.
I have also rented out my house at Airbnb, and you’ll be blown away by the results because the response is overwhelming. They pay you a good amount in short…
You may also consider renting out an extra room or your house for long-term property rentals to make a passive income for at least a year.
You can earn income from renting out a commercial property as well. If you own land spaces, such as a beachfront lot or parking lot, then it’s great news for making a gazillion of money.
7. Royalty Income
Licensing your product, invention or audio you own, can roll in a good income via licensing royalties and fees. It is a long-term investment and lasts for years.
It’s also the quickest way for your invention or product to reach your targeted market.
For instance, you can license the use of the product you made for an average 3 percent to 5 percent royalty rate based on the niche of your industry.
If you are musically inclined, create your audio tracks and license out them on popular musical sites. It is quite worth it because you’ll end up with something great.
Search for various popular tracks on musical sites that are licensed heavily and see what they are doing and what are their strategies.
- Create your music and license it out.
- License your photography if you are a good photographer.
- License your stock artwork .
- License your digital products (Softwares, eBooks, digital courses).
Frequently Asked Questions
These are the general questions I usually came across, pardon me for not including enough questions but these were the most specific ones.
Q1: What should I do if I have no money?
Before you think about multiple streams of income, make sure to follow the following points:
- Do some work, it could be a 9-5 job. Save money from your salary.
- Part-time work could aid you with quick earning.
- Save your money and start investing it in small businesses.
Q2: Would passive income make me easy money?
Once you start planning out your strategies, make a blueprint of it and implement them. Making money is not easy initially, but once you are on the track it would be a great boom for you peeps.
- Firstly stick to the goals.
- Follow the pre-defined plan.
- Save and earn.
A few months back, I made around $2000 per month with my blogging business. It wasn’t overnight, a set of plans and expertise were involved at the back, nothing comes easily…. Now it’s your turn to think about it.
Q3: What should be the niche of my work?
It completely depends on you peeps, not gonna force you over your decisions… But to me, blogging business, Rental income, and real estate investments were fruitful to make me on side money
You can choose any of the above-mentioned methods for multiple income streams.
Tip: Keep in mind choose wisely with good research.
Q4: Why multiple streams are utterly significant?
Multiple income streams are utterly significant for the following reasons:
- You have to choose multiple streams because the existence of a backup is always good.
- If one stream doesn’t work well then you are left with options to continue for further plans.
- Multiple streams help to attain your financial prosperity.
Q5: How many multiple streams should be acquired?
If you would like to be a millionaire, more than one stream is mandatory to continue your voyage.
To me at a time three or four streams of income are enough to initiate. Make sure to mitigate the shortcomings if you want to make your work a big success!
Best of luck my entrepreneurs!
Now stop being envious, act normal because now you could be a millionaire by following the simple set of rules. Be prudent and be the driver of your car. Don’t let anyone drive your dreams because you know the importance of money.
In the beginning it’s going to take a significant amount of money or time. But I promise that you guys can earn a substantial amount in the start with multiple streams of income.
You gotta know that income is everything and it’s cracked up to be! Pick a suitable idea from these 7 streams of income, make a plan, and incline yourself until the multiple income streams come to fruition.
Don’t be a procrastinator because squandering your time would reveal your undetermined capabilities as time goes on. Stick to the streams of income so that you are on your way to earning more.
Earn with dedication and try to stand out! Keep checking back because there’s a lot to come… Amass the guts and keep going! Just know the drill and no one will stop you from making 50k an year.
See you until next time!