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How to Create 7 Multiple Streams of Income: NEW Guide 2023

how to create multiple streams of income

One of the cheapest ways to build your own business, and potentially earn $100,000+ per year, is to flip trash for cash. If you like creating, building, and selling, then this additional income stream should be on your to-do list. If you want to build multiple income streams through dividends, then check out my ideas below.

Like dividend stocks, individual REITs can be riskier than owning an ETF consisting of dozens of REIT stocks. A fund provides immediate diversification and is usually a lot safer than buying individual stocks — and you’ll still get a nice payout. Economic stress can also cause some companies to cut their dividends entirely, while diversified funds may feel less of a pinch. Shareholders in companies with dividend-yielding stocks receive a payment at regular intervals from the company. Companies pay cash dividends on a quarterly basis out of their profits, and all you need to do is own the stock.

Invest in Peer-to-Peer Lending

If you are thinking for the long term, building and diversifying an investment portfolio may be the single best way to create a secondary stream of income. You can seek out income-oriented assets, such as bonds and stocks known to pay dividends. You can build an active portfolio that steadily grows through capital gains.

  • You can quickly design the book on an online platform and then even test-market different titles and price points.
  • These could include renting out a room on Airbnb or investing in financial products such as stocks and bonds.
  • With property rental, you put down either your own money or a loan to buy the property.
  • With HyreCar, you can elect to rent out your own car to people who are looking to use your car to make money with Uber and/or Lyft.
  • And the good news is that you don’t need $100,000’s or millions of dollars to start investing in real estate.

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Survey Shows 86% Stressed Over Money & Inflation (Side-Hustles To The Rescue!

According to this image, fine wine has a very low correlation to the stock market, like the S&P 500. According to this chart, from Vinovest, fine wine has consistently outperformed the Global Equity Index for the past 15 years, which includes market downturns (like 2008). While the world of fine art is often only available to the ultra-wealthy, that’s no longer the case.

We usually differentiate between two income streams – active and passive income. Both will get cash in your pocket, but there’s a difference in the level of effort you have to dedicate to each one. Multiple streams of income can help you reach your financial goals quicker than a single income stream, e.g., a regular nine-to-five job. Achieving financial independence, retiring early in Portugal, buying a new car or house, or getting out of debt – multiple sources of income will help you get there faster. You then can carefully pursue active and passive opportunities that fit your goals. You can choose additional income streams as you become proficient managing the ones you already have.

Create a Passive Income Stream

As you’re building that audience, a podcast can raise your profile and increase your brand recognition, helping you attract new clients and possible public speaking opportunities. Here you can use your money to make money with little or no effort on your part, if that’s what you’d like to do. Of course, you could pair your money with a lot of time investment to move into an even more lucrative niche, too. Even when you’ve got the sponsored posts you’re looking for, you’ll need to keep posting to draw in your audience and remain an attractive option for advertisers.

  • Although it may sound simple, you need to plan to get a steady passive income.
  • I would note, however, that if you’re not proactive and if you find yourself procrastinating, then flipping junk for cash probably isn’t the right next step for you.
  • Then you’ll start renting it out and your rental will become a passive income stream.
  • To get started, you can purchase an existing property and become a landlord.
  • However, building the foundation for future income can be rewarding in the long-term.
  • If you love selling, making deals, and have a creative vision, then flipping used items might be your next best bet.