How to Create Multiple Streams of Income
There are a lot of reasons why a lot of people want to know how to create multiple streams of income. For starters, you shouldn’t say no to additional income. A lot of people are having troubles making ends meet with just a single stream of income. In addition, having multiple streams of income can help you create a safety net just in case a stream of income is suddenly shut down. For example if you lose your job, at least you can rely on the other income streams while you work to replace your job and the income that it’s been giving.
In addition, rich people will tell you that the secret to them being rich is having multiple streams of income. In most cases, relying on one job and its single stream of income alone is not going to make you rich. If you want to get rich and live a comfortable life even after retirement, you need to establish multiple streams of income.
Speaking of retirement, having multiple income streams can also help you retire early. This is especially true if you have multiple income streams working for you, and not the other way around.
At the very least, having multiple streams can help you out with those unexpected expenses. At this point, you should know that these unexpected expenses happen.
Start Creating Multiple Streams of Income Now
Here are some proven ways on how to create multiple streams of income:
- Create multiple streams from your main source of income.
Let’s say that you’re a graphic designer. In addition to your main gig of making money out of your work as a graphic designer, you can earn more money by making and selling an e-book, for example. You can also do some coaching on the side and teach people how to do graphic design. That’s three streams of income right there.
Speaking of coaching, you can also earn money as a coach. If you’re good at inspiring people, you can help them become a better version of themselves and earn money in the process.
- Earn money as a freelancer.
This is one of the safest ways to create more income streams because it doesn’t require you to give up your stable job. It’s something that you can do at the side, but it’s a first step towards being your own boss.
Ask yourself what you are good at. Are you a good cook with a lasagna recipe that’s famous in your neighborhood? You can start taking orders for special occasions. Do you have a knack for making jewelries? You can make them and sell them online or at fairs.
You don’t even have to be good or knowledgeable to get started. Thanks to the Internet, you can easily gain a new skill that can earn you money. You can learn graphic or website design, for example.
- Be a virtual assistant.
Did you know that you can be a homebased employee? You can do so by being a virtual assistant. There are a lot of sites that allow you to reach out to individuals and companies looking for a virtual assistant. They need help doing research, keeping schedules, doing data entry work and more.
It can be an individual or company on the other side of the globe. With a stable Internet connection and determination to learn new things, you can have a stable career being a virtual assistant.
- Earn money as an affiliate.
There are a lot of companies online looking for help selling their products and services, and they’re looking at you. In a nutshell, you can earn money as an affiliate by helping them sell their products and services. If you’re able to make a sale, it will be tracked back to you and you will earn a commission.
There are a lot of ways to sell as an affiliate marketer. You can start by learning how to make a website. You can also learn social media marketing and email marketing.
- Join a network marketing team.
Yes, network marketing as a whole has been receiving a lot of criticisms and in most cases, unjustifiably so. Most of the criticisms should be directed at pyramiding and admittedly, there could be a thin line between pyramiding and network marketing. You just have to make sure that you join a legitimate network marketing team with a reputable and strong leader.
What you’ll do as a network marketer is sell products and invite other people to join your team. Basically by being a network marketer, you’ll have two streams of income – one from selling and one from recruiting.
- Invest with the help of a financial advisor.
There are a lot of investment vehicles that can help you start and create a retirement fund. Think long term, although some investment vehicles can be sources of passive income that you can regularly use.
Stocks and bonds are basic investment vehicles. You can also explore annuities and 401(k)s. Just make sure to arm yourself with knowledge. Invest in finance and investment classes.
- Invest in real estate.
A lot of financial experts will tell you that investing in real estate is better than investing in stocks. A good way to earn passive income in real estate is to invest in a rental property. Done right, you should be earning enough to cover for the monthly expenses of the property and earn a significant amount of monthly income. You can use this to invest on more properties or you can just set it aside. You can also remodel houses and flip them for a profit.
Diversification is Key
The key on how to create multiple streams of income successfully is to diversify. Also, don’t spread yourself too thin. Start setting up streams one at a time and just move on to the next if that stream has been successfully put up. Also, learn to accept when it’s time to let a stream go. If it’s not working, move on to the next.