We are all used to a single income stream which we most of the time refer to as a “secure” paycheck at the end of the month.
Trading our time and skills for money and in return, we receive a check at the end of the month.
But did you ever hear of multiple income streams? If you can make one income stream, why couldn’t you make a couple of more income streams, right?
We’re all in different financial and life positions – but it’s not always about working hard yet it’s sometimes about working smart.
Therefore, down below, you’ll be able to find some of the best ways you can try to build a couple of more income streams.
What are the Benefits of Multiple Income Streams?
Most people think of money whenever they hear multiple income streams. It’s true. You’ll probably receive more money at the end of the month than you would do with one income stream.
However, it’s not always about the money. It’s about security. Would you rather have one “secure” paycheck at the end of the month – or you would have 3 or even 4 different pay checks at the month?
This way, if you lose one check, you wouldn’t lose 100% of your income yet only 25% or 30% of your income.
Another reason to have multiple income streams is the time. You can trade all your time working at one company, but what if you could get the same amount of money at the end of the month, working for dozen of clients and save yourself 10 hours a month?
This increases security and reduces the time you need to put in to generate the same amount of money.
And what if you could create at least one or two passive income streams? This would improve everyone’s financial situation, right?
People are afraid of uncertainty, but if you don’t give yourself a chance – you won’t ever be able to achieve it.
Therefore, some of the most important benefits of having multiple income streams are the following:
- Income increase
- Better financial protection
- The ability to hit retirement goals earlier
But how to create multiple income streams? Keep on reading to find out!
How to Create Multiple Income Streams?
In order to create multiple income streams – you have to have one income stream, and then add another income stream, and then add another one – and so on until you are happy with the outcome.
But how do you really create an income stream out of nothing? It’s all about creative thinking, working smart, and always taking the step further!
Investing is the most obvious way to create a multiple income stream – and it’s actually one of the easiest ones.
The thing is it is a risk, and you need a bit of money.
But if you are okay taking the risk and you have a bit of money laying around – you could easily create a new stream income that is actually going to be a passive income stream.
Rather than keeping your savings in the bank and receive nothing (or a very small rate) in return, you could put your money to work.
The key is to diversify your investment portfolio so your investments won’t be as risky as they usually are. There are also plenty of plans and things to invest in – so it requires a bit of studying, but once you get it right – you’ll be able to easily create a second passive income stream.
Offer A Service
Everyone has skills and depending on your skill inventory, chances are that there is at least one skill you could offer as a service.
One of the best skills in writing. Anyone who’s creative can write, and with a bit of practice – you can freelance your skills and help others, and in return get paid. If you have consulting skills, you can freelance as a consultant and get paid for doing so.
If you do this in your free time – along with your 9-5 job and investing, this could easily turn into a third income stream.
The great thing about freelancing your skill is that you get to work on your schedule, work with as many clients as you can, and determine your rate.
We don’t mean that you should start selling things you don’t use. However, almost any company out there has an affiliate marketing program.
Anyone can join these affiliate marketing programs and can sell products they don’t physically own. Therefore, as an affiliate, you can help promote & sell products for companies.
Even a big company such as Amazon has an affiliate program and you can sell any of the thousands of products available online in return for a commission.
You can utilize social media or even create your own site to try and create a passive income. Therefore, don’t take time to sell directly yet try to help people out with posts and social media so you can earn a commission even when you sleep.
Create a Product
We’ve all been through something and we all know something. Anyone can write an eBook or a guide. It’s very easy to create and market a digital product, and yet in return, it can turn into a stream income.
The great thing is you can create it once and once you are done marketing it – it should be a steady income stream.
If you are creative, you can even create physical products. Etsy is just one of the sites that are made for creative people who would love to earn from their creativity & products.
Start a Passionate Business
As we’ve mentioned earlier, everyone is passionate about something.
The great thing about the internet is that you can start an online business in under 10 minutes. There are educational platforms such as Wealthy Affiliate that don’t only teach you affiliate marketing, but they teach you how to create an online business around something you’re passionate about.
All you need is a website, learn how to drive traffic, write helpful content, and earn commission in various ways.
The great thing about this is that with just one site, you can monetize it in different ways and make a couple of income streams through one internet site (online business).
That’s just one of the reasons that there are so many blogs on the internet. Once you find a way to help a certain type of audience – you can monetize it in so many ways.
Have you ever heard of Wealthy Affiliate?
It’s a platform for complete beginners who can learn how to create an online business starting today!
I would enjoy hearing your thoughts on the topic of creating multiple income streams. You may leave your comments below and I will be happy to respond.
All the best!
Founder/Creator: Living On Lean Means ?