Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth by Robert G Allen

Perhaps you’re into video games, specific brands of clothing, or something else. 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.

Investor Junkie has advertising relationships with some of the offers listed on this website. Investor Junkie does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. Investor Junkie strives to keep its information accurate and up to date. The information on Investor Junkie could be different from what you find when visiting a third-party website. Since passion is the fuel of entrepreneurship, the key to early success is to monetize something you’re already passionate about. An Etsy store might be right up your alley if you’re into homemade goods.

different types of income streams

If you have a reliable car, driving others around in your spare time can provide a good second income stream. Make an affiliate marketing website and partner with other brands to receive a commission on every product you sell. Having knowledge will help you know if you need to be patient as you build an income stream in order to make money, or if you should avoid it entirely. Our friend Julie Berninger sells Etsy printables to the tune of $1,000s of dollars per month – and she created an E-Printables course to show you how to do it as well! Check out herE-Printables Selling Courseand learn how to create online items to sell on Fiverr and Etsy in your first day of this online course that’s proven to work. These are just a few of the ways you could start earning extra income in the next twelve months.

Only after that initial success with one stream of income did they leverage their resources into multiple streams of income. Another example is Robert Kiyosaki, bestselling author of “Rich Dad Poor Dad,” who got out of the rat race through real estate. Then he added paper assets and leveraged the financial knowledge he gained from his investment business experience into a successful information publishing business. For this book, Allen researched hundreds of income-producing opportunities and narrowed them down to ten surefire moneymakers anyone can profit from. This revised edition includes a new chapter on a cutting-edge investing technique. The Canva Product Creator Kit is the only step-by-step system you need to grow your impact and diversify your income streams with Canva products.

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Printify takes care of the how to create multiple streams of incomeion and shipping of your products. You could market the course on your website to attract more attention. You’ll want to periodically update the content and interact with students to improve the value of the course. When applying to positions posted on freelance job boards, double-check the company’s website to make sure they’re actually the ones posting the position and not a scammer. You can leverage your existing network, advertise through your website, and use social media to find clients. The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

• It’s something you’ll need to go back and refer to later on if you really want to apply its principles.
• Here you can build your expertise out into a useful product or service for consumers, e.g. design, software coding and others.
• Once you have systematized the first stream of income to produce residual income without your involvement, then you have the free time and energy to add multiple streams of income.
• If your goal is to build a business with flexible work hours, passive income, and unlimited profit potential, you may want to consider creating a social media empire.
• The value of investments as a secondary stream of income depends entirely on your circumstances.
• Two of the most popular options are the solo 401 and the SEP IRA. If you stash the cash in a traditional 401 or SEP IRA, you can take a tax break on this year’s taxes.

Robinhood is great for new investors looking to start in the stock market or even cryptocurrencies. Betterment is very helpful for many users since they’re a Robo-advisor that moves your portfolio automatically, so you earn more money across your investments. That doesn’t mean you have to work more at your 9-5 job, but you should look for easy and high-paying side hustles and add in some passive streams of income. Buying and selling assets can provide you with an income known as capital gains.

Ideas for Multiple Streams of Income

Take and sell stock photos if you have an eye for photography. Our mission is to empower women to achieve financial success. Is the founder of Clever Girl Finance and she’s passionate about helping women take control of their money so they can live life on their own terms.

• Your hold period for these homes will often last for up to 7 years, so before you start investing, just make sure you’re comfortable keeping your money locked up for so long.
• It can be an enormously satisfying way of making some extra money on the side, and – who knows?
• Then you simply need to write about what you enjoy, something people will be interested in, and learn how to monetize it.

Businesses such as CafePress and Zazzle allow you to sell items such as T-shirts, hats, mugs and more with your own designs. Do you have a parking space that you’re not using or that could be used by someone else? It could be an even better set-up if you have a larger area that could fit several cars or that would be useful for multiple events or venues.

Small Business Ideas To Start Right Now

And over time, I made the connections I needed to grow my base of clients, earn a real income, and produce the type of results my clients wanted. While I always suggest investing for the long haul, some low-risk investments come with higher returns than you might expect. Lending Club, for example, has repeatedly helped me earn returns of 10% or more.

• You are your own boss, you can create whatever you want while connecting with interesting people from around the world – all while earning money.
• She has worked with clients with a net worth of up to $100M and holds her Master of Science Degree in Personal Financial Planning.
• You’d research the curriculum, record video lessons, and make supplementary materials for students.
• You might earn interest from mutual funds, index funds, or stocks, in addition to other sources.

For example, if you’d like to create an online course, you should have some experience as a teacher or tutor. You’ll be better at creating the course, and people you’ve worked with in the past might want to take your course or refer others to you. You can add active and passive income sources to build your home business and improve your financial stability.