Multiple Income Streams: 23 Best Ways To Make Money

While I don’t make millions (yet!) from Twitter, I do earn a consistent monthly income that ranges between $1,000 to $3,000 per month – just from Twitter. Ok, so these numbers are the outliers, but seriously, you can make a lot of money from social media. If you want to break free from the rat race and the daily 9 to 5 grind, then building a blog is likely one of the best ways to escape.

• Automation is a great way to save time and energy when managing multiple income streams.
• Other services you can consider are bookkeeping, photography, or editing.
• If you want to earn extra income, then consider delivering groceries with Instacart where you could earn up to $2,000+ per month.
• REITs have a special legal structure so that they pay little or no corporate income tax if they pass along most of their income to shareholders.
• Neighbor is known as the Airbnb of the storage rental property industry.
• The key to creating multiple income streams is to make sure they are diversified.
• You may also promote or sell your items or services or help other people do so.

Having more than one source of income is good, whether you use it to help make ends meet or invest it for earlier retirement. Whatever the reason for your side hustle, it’s been proven that it can allow you to make enough money to leave your 9-5 and turn that side hustle into a full-time gig. The point of creating multiple income streams is to give you freedom and flexibility. Some days I crush it, other days I’m chilling in my PJs for hours at a time.

You can build wealth with multiple sources of income so get started!

You can find buyers for your work by setting up a shop on an online marketplace or by reaching out to clients directly. Mastering YouTube can help learn how to attract an audience and monetize your channel. Many authors have told their own life stories, but you could start with something small like a children’s book and start working on your novel at the same time.

This is particularly popular for younger people, who may pick up hours in the service or retail sectors on the side. For many, many more people, side work today means app-based gig employment. They drive for rideshare services, deliver meals and groceries or pick up hours on odd job sites. There are so many ways you can start building multiple income streams even in just the next 6 to 12 months. To have multiple streams of income means that you are not just relying on 1 source of income to live and save for retirement.

How Do You Start A Blog?

Money grows money – so find saving options with high dividend returns and park a percentage of your salary there every month. Passive income is money you earn over time without necessarily performing more work. For example, digital downloads that you create once and then sell on your online school. Once the labor of creating the download is done, there aren’t really any ongoing expenses. While you might not earn an active income stream on your fine art investment, you could earn a profit once the fine art is sold.

• The more investments you buy that have dividends, the more money you can make.
• That said, there are ways to invest in dividend-yielding stocks without spending a huge amount of time evaluating companies.
• Fundrise is an eREIT that allows you to invest in a portfolio of properties without putting down a large upfront investment or managing the properties yourself.
• Now is the time to invest any money you can because a downward tick in the market means stocks are essentially on sale.
• While you might not earn an active income stream on your fine art investment, you could earn a profit once the fine art is sold.
• These income types are collectively both active income and passive income as well.

Depending on a monthly salary can be frustrating, that’s why having multiple streams of income is so important. With rising living standards, making it to the end of the month can prove to be difficult. Starting a side business takes a lot of time and effort at first, but it eventually yields excellent dividends. At first, your business expenses are so high that you don’t turn a profit on your side hustle. Any money you put into the business leaves the business for marketing, product creation, and other fees.

How to Create Multiple Streams of Income

As an example, if you’re not a fan of recent stock market volatility, then investing in fine wine could be a good option. Out of all the income streams listed, this is probably the least important income stream. Writing an eBook is likely one of the best ways to earn a recurring income stream – practically for life. You’ll have to put in hard work in the beginning of your eBook journey, and as long as you market and promote your product properly, then you could expect consistent income in the future. One of the best ways to build your wealth is to invest in the stock market by opening a brokerage account.

According to this article from Forbes, online learning will grow from a $107 billion industry to $325 billion by 2025. Or, if you have any writing skills, you could become a freelance writer. There are plenty of businesses and websites that need a lot of content and are on the lookout for quality writers.

With websites like Contently, Upwork.com, Freelancer.com, and LinkedIn ProFinder, you can create an online profile and bid on new jobs as they are posted. Recently, I shared a post on the many ways you can earn money with paid surveys. You see, various how to create multiple streams of income companies will actually pay you to sit down at your computer and answer survey questions from the comfort of your own home. I have made well over $1 million dollars blogging over the years, yet my advice for anyone considering this path hasn’t changed.

You can learn more about him on the About Page or on his personal site RobertFarrington.com. Investors understand the need to diversify their investments to reduce risk. Jeffrey Shaw, a branding consultant, business coach and author of « Lingo, » started his career as a portrait photographer for wealthy families in Greenwich, Conn. and New York City.