Multiple Income Streams: 23 Best Ways To Make Money

In other words, don’t just choose one option, choose two or more. However, many people don’t know how to create additional sources of revenue. But thanks to the gig economy, it’s easier than ever to find income ideas like ours to help you earn extra cash to save or invest. Following is the list of the top streams of income you can use to earn multiple income streams. Take a look, pick up a suitable one, and start making some money. First, we’ll share the methods I’ve used to create multiple streams of income.

While pay varies a lot, you can easily earn $20 per hour or more as a virtual assistant if you find the right type of client. Generally speaking, you can find VA jobs on websites like Freelancer.com and Upwork.com. While I always suggest investing for the long haul, some low-risk investments come with higher returns than you might expect.

When done right, business income is vital for generating wealth. My sixth income stream is one I just added two years ago – scoring awesome media deals. This is something I never really imagined happening years ago, but works out rather well today. While investing for side income can work out well, most of my personal investments are tied up in our retirement accounts. To get started, you’ll need to pass a background check and have a valid driver’s license and auto insurance. Check out this post to learn more about how to drive for Uber or sign up to drive with Uber.

Here are some of our recommendations on how to create multiple streams of income. In business ventures, an income (revenue) stream is a source (or category of sources) of money received by a company, other organization, or regional or national economy. Put simply, it’s the reliable source of income that someone, like a local business, receives regularly. Having a combination of these different sources of income in place is a great idea.

Multiple Income Streams to Grow Your Wealth

City National does not warrant that it is accurate or complete. This article may not be reproduced, distributed or further published by any person without the written consent of City National. This can be a great idea because there are frequently few barriers to entry, or large startup costs. It might only require a computer and a website to start generating opportunities. Before pursing various opportunities, make sure you have created a solid foundational skill that you can always draw upon, and fall back on if needed. A number of budgeting apps, including Mint, come with expense-tracking tools.

• And with these 23 ideas, you now know that you have endless possibilities to grow your wealth without sacrificing your time and energy.
• Overall, CDs are low-risk and passive on the overall income stream spectrum.
• They think a $250,000 term policy is enough to cover their family.
• In addition to my financial practice and this website, I’ve cultivated other income streams over the years.
• With a knack for turning technical jargon into captivating narratives, she’s the maestro of the keyboard in the cyber realm.
• Building multiple income streams can be an enormous benefit for anyone looking to improve their cash flow and passive income.

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When you’re first starting out, it’s important to increase your income quickly and easily. So start with the sources that have the lowest barrier to entry. You might earn interest from mutual funds, index funds, or stocks, in addition to other sources. When you invest your money, you make interest from the amount you add to the investment. Another original way to make money from real estate involves storage space. If you have extra space to rent out or you own an unused storage unit, you might rent that space to someone else and it’s a good way to make money without spending a ton of time.

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The more photos you have uploaded on the site, the more money you can earn. If you have the right types of snacks in your vending machine, you could make some big money with this unique financial investment. You just need a computer, internet service and engaging content on your blog. Websites are easy to start, too, if you don’t already have one. In fact, I can show you how to start a blog in less than ten minutes.

That’s because starting new successful business ventures takes a lot of time, skill, effort, and trust. Investing requires some research but once you begin it takes almost no time at all. In fact, you can even put your investing on auto-pay and never even think about it. More specific examples of portfolio income include interest, capital gains, and dividend income. Put in the initial groundwork to add a passive income element to your business. Getting a part-time job in addition to your full-time job is a good idea if you have the time.

If you have an imaginative way of teaching kids anything from engineering to art, you should register with Outschool. And those who prefer to teach adults anything from web design to marketing can sign up with Thinkific, Teachable or Udemy. To learn how, read the definitive book on the topic, Launch by Jeff Walker. Ask open-ended questions to help you later brainstorm or offer multiple choices if you’ve already thought about what you can provide.

The 3 Main Ways To Create Multiple Sources Of Income

The options are endless, so spend some time thinking about the right side gig for you. According to the United States Census Bureau, the median income in the U.S. is $67,521. This is probably the most common way to make $50,000 or more per year. You’ll get a percentage of the sales of those on your team, similar to how Redbubble or Etsy multiple streams of income take a percentage of your sales for products you list on their sites. Better yet, you can get one of these great cash back debit cards and earn cash back while avoiding debt altogether. Then you’ll have to market your designs and get them in front of the right audience.

Stephanie Burns is the founder of The Wyld Agency, an amplification and visibility agency focused on building the legacy and personal brands of company founders. With a background in brand building, media buying, strategy and entrepreneurship, Stephanie has wide experience with an eclectic portfolio of industries. After being a contestant on the Wheel of Fortune, Burns used her winnings to launch her previous company, Chic CEO, an online resource for over 100k female entrepreneurs. Deacon Hayes paid off $52,000 of debt in only 18 months and now is helping others do the same. Over ten years ago, Deacon created Well Kept Wallet to be a resource that can transform the average persons financial life. While some options like crowdfunded real estate start at $10, others like buying a single family property could require over hundreds of thousands to get started.