how to create multiple streams of income

The bottom line is if you’re going to build multiple streams of income, then there is a right and wrong way to go about it. Follow this step-by-step process, and you’ll maximize your odds of success. This concept is known in the corporate merger world as “operating efficiencies”. It takes less effort to operate each additional stream of income because they’re all built upon the same foundational resources. Master your first stream of income, and in the process, you’ll develop the necessary foundational skills and abilities that can then be leveraged to develop other streams of income. The wrong way is to get all fired up and launch a new business, begin stock investing, and buy your first piece of rental real estate all in the same few months.

  • To many, money is just a piece of paper, especially if it’s just a $1 bill.
  • In fact, successful entrepreneurs often diversify their income sources to prevent a single point of failure.
  • Earned income is the money you receive for a job or self-employment.
  • If I was to ever branch out, it would have to be on top of my core specialty.
  • Of course, the flip side can also happen – as in, you can lose money.
  • The bottom line is if you’re going to build multiple streams of income, then there is a right and wrong way to go about it.
  • Do you know someone who is looking to launch a business?

By offering a service or selling something, you can create a small side business that you multiple streams of income get to control. Special occasions are a great opportunity for multiple streams of income.

Learn from the wealthy

You could also consider growing an email list to draw attention to your blog or otherwise direct people to products and services that they might want. One popular strategy for passive income is creating an audio or video course, then kicking back while cash rolls in from the sale of your product. Courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.

how to create multiple streams of income

It can greatly accelerate the time it takes for you to accomplish your financial goals. So much more than if you were just solely focused on reducing your expenses. If that’s you, it’s possible to put your spreadsheet skills to work to earn passive income. Starting a passive source of income through vending machines does require an upfront time and money investment.

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If your property is in a popular tourist destination, you can make a good income from vacation rentals, building a profitable passive income stream. This path is valid for people who truly love the wealth-building game and desire the creative challenge that comes with building multiple streams of income purely for fun. My experience after coaching many clients through the process is you’re better off succeeding with one stream of income to start.

how to create multiple streams of income

If you’re an expert at something, you can create an e-book and offer it for sale on your website. You can also have your own affiliate program, allowing others to offer your e-book on their websites, and earning a small commission for each sale. You can either sell them as they are, at a discounted price, or rework them into a new and more interesting product. For example, one printmaker saves his subpar prints and cuts them into colorful flag banners.

Sell handmade goods

You can also learn more about the creator economy, what it means, and how you can become part of it to build a healthy and sustainable business here. If you’re creative and savvy, you can dream up some new product and promote it Shark Tank-style. Can you think of a product you wish you had but can’t buy? Think outside the box until you come up with a new idea that fills a need. As an investor, you should always seek to diversify your portfolio as much as you can.

I am a senior citizens and would like to make some extra money. While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council. Interest income is the money you earn from lending your money to someone else. 6) Interest Income – Income from savings accounts, bonds, etc. I experienced this first hand with my book, Soldier of Finance.

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