How To Have Multiple Streams of Income 11 High-Earning Examples

So start with the sources that have the lowest barrier to entry. Increasing your income allows you to pay off your debts faster, save more, and also invest more. So, if you were to lose your job or if one source isn’t generating enough, you have other money flowing in to prevent financial problems. The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons. If you’re into antiques, for example, you could check out garage sales for hidden deals and then capitalize on your knowledge to turn a profit. Perhaps you’re into video games, specific brands of clothing, or something else.

The best part about writing an eBook is that you can earn money on this product for years to come. If you want to earn extra income, then consider delivering groceries with Instacart where you could earn up to $2,000+ per month. If you work during prime time and if you’re willing to deliver in a city, then your chances of earning more money increase significantly. If you have some spare time during your week and if you’re looking to earn more money, then you should consider becoming an Instacart shopper. Renting out your unused space is an easy way to make money from home.

Subletting and real estate

If you’ve ever wondered how to make money online without creating your own products, affiliate marketing might be a good option. It has the perks of running your own business — but all you have to do is drive traffic to other people’s websites. 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. Also, newer platforms on the scene like Arrived Homes are beginning to offer fully hands-off fractional investing in individual rental properties too. On the flip side, real estate investing can generate six-figure annual returns even as a side gig — but there’s a ton more time and stress involved.

ETFs also diversify your holdings, so if one multiple streams of income cuts its payout, it doesn’t affect the ETF’s price or dividend too much. Some platforms invest in equity , while others invest in debt. Generally, stock offers high returns in exchange for more risk, while debt offers lower returns in exchange for less risk. Some platforms require you to be an accredited investor, with a certain minimum income or assets. Popular platforms include Fundrise, Yieldstreet and DiversyFund.

Dividend Stocks

Tresidder says you must build a strong platform, market your products and plan for more products if you want to be successful. One part of planning for retirement is knowing how much money you’ll be getting from all sources, including the government. Find out how much you’ll get from Uncle Sam with our freeSocial Security calculator. Before you buy a new car, a fancy camera or a set of knives, think carefully about how long it will take to make that money back. Even a successful side hustle can take time to get going, and you don’t want to lock yourself into something only to find it isn’t a good fit in the long run.

Just keep in mind that you are investing in something that’s illiquid and potentially higher risk. If you want to learn more about investing in rental real estate, then check out my latest Arrived Homes Review. As with any type of alternative investment, you’ll want to make sure to properly review your fees, as these will typically be higher than investments in the stock market, for example. Currently, 4 out of 10 of the income streams are things that I can passively manage, and the other 6 are more active forms of income generation. If you’re new to this, having multiple streams of income just means that you have income from several different sources.

#3: Create a product.

Buying government bonds is another safe investment that will generate interest. By selling a service or product for more than they cost, you use the basis of profit income. You could open a retail store and sell products, offer professional services and charge for your time, or combine the two. Passive income is where the income is not directly tied to the work you do. Although it says passive income, there is still work required to generate the revenue.

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. You’ll also want to make sure that if your app collects any data that it’s in compliance with privacy laws, which differ across the globe. The popularity of apps can be short-lived, too, meaning your cash flow could dry up a lot faster than you expect. You may suddenly have tenants who can no longer pay their rent, while you may still have a mortgage of your own to pay. Or you may not be able to rent the home out for as much as you could before, as incomes decline.

How We Make Money

We also get your email address to automatically create an account for you in our website. Once your account is created, you’ll be logged-in to this account. 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. For example, if you are tech savvy or enjoy working online, you may sell on eBay, or create a website , or promote your services through a site like Fiverr.

You can shoot food, nature, sports events, concerts, parties, street photography, and anything else. If you choose to write a nonfiction book, make sure that you stick to the topic and provide helpful information. The book itself doesn’t have to be long to provide value to readers. E-books are becoming more popular and are easier to create and sell. Teachable regularly bring in thousands of people eager to learn. When you sell an item, you pay the product’s original price and shipping costs.

And it can also bolster both your spending money and your business savings and free up your time. Having multiple income streams can give you peace of mind with your finances because you aren’t relying on one single job or investment for your money. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.