See 10 Multiple Streams of Income To Make You Richer
Multiple streams of income is basically diversifying your income through multiple channels, earning more than one type of income from more than one source.
Let’s try out some incomes you can add to your stream of income list.
You can earn by doing some casual things you enjoy doing, such as playing games, shopping online, surfing the web and lots more. There are websites that grants that, like InboxDollars, Swagbucks and many others. Take advantage of such websites and make extra cash while having fun.
Make YouTube videos. You can create videos on your desired field; music, comedy, tutorials, reviews, lifestyle gist, absolutely anything. Create compelling videos and promote on social media, websites, increase your subscriber list and probably attach Google Adsense to the videos which will overlay your videos with automatic ads. You earn from every click on the ads.
Sell your products on the internet
The internet has left us with broad opportunities that you can’t afford to ignore. If you are a writer, you could write your own books and sell them on your website / blog or on other websites and blogs related to your product or service on affiliate basis. You can sell on Amazon or Okada books, there are so many of them. The possibilities here are endless. You can sell anything, it mustn’t be books. It could be any product you manufactured or a tech product such as software or instructional videos. You’ve got to be creative. If you have no idea about what I’m talking about, you can learn how to sell products online. It may not be entirely passive but it is certainly more passive than allowing a “boss” in control of your time and money.
This is for all photography lovers. Put your photography to work on the web. Convert it into a passive income. There are photography websites that can grant you access to sell your photos offering either a percentage or flat fee of each photo that is sold to a site client. You just need to create a photo portfolio; put it in one or more photo platforms and a single photo could be sold over and over again.
Real Estate Investment
This is a bit of an active venture. You need to be well equipped with the required knowledge so you don’t make mistakes. You can either purchase a land to build or resell, or an already built property and rent out. Once you’ve got a property, you have to ensure it is properly managed. You can do that yourself or employ the services of a professional property manager usually for a percentage of the monthly rent. Hiring a professional makes the work easier but will take a bit of your cash flow. Lack funds? You can obtain a loan to buy a property and pay back from rents on that property.
According to Brandon Turner, an active real estate investor,
The key to success with rental properties is buying smart. Not every property is going to provide a good return or prove to be passive. Understanding how to analyse potential real estate opportunities is incredibly important. As the old adage goes — you make your money when you buy!
Become a referral source
Every small business needs referral sources in order to maintain sales. Make a list of small business providers that you use on a regular basis and feel you can recommend to others without reservation. Then contact the owners and see if they have any kind of cash referral offers available.
You can do this with accountants, landscapers, electricians, plumbers, fashion designers, graphics designers — the list is endless. Keep a list of these businesses, and be ready to refer them to your friends, family and colleagues. You can earn a fee on each referral just from talking to people.
Don’t overlook referral programs at work either. If your company offers a referral bonus for either new employees or for new customers, then take advantage of that plan. It’s easy money with virtually no work.
Build an app
Apps can be an incredibly lucrative income source. Think about how many people today have smart phones. Come on, it’s vertically everybody! People are downloading apps like their lives depend on it.
Apps make people’s lives easier. Whether it’s an app that helps people put together nice pictures for their blog or an app that keeps track of tasks, there are helpful apps out there for everyone.
You might be asking if there are so many apps out there, why would you want to attempt to create an app? Isn’t there a lot of competition? Well, yes, but fresh, creative ideas can win. If you can come up with something unique, you can make quite a lot of money. Simple but unique, apps can be pretty passive.
Don’t know how to code? No problem. First, you can learn. Check out Nathan Barry’s success in his inspiring article, “How I Made $19,000 on the App Store While Learning to Code.” Nathan also put his design expertise to work in an ebook teaching others how they can design their own apps.
Second, you can hire a developer to build your app based on your idea. This could end up being an expensive option, although it will probably yield a professional-looking app.
The end result is an app that has the potential to make you some relatively passive income. Don’t downplay the idea to build an app — it’s a good one!
Invest in Stock Market
Index funds provide you with a way to invest in the stock market that is completely passive. For example, if you invest money in an index fund that is based on the S&P 500 Index, you will be invested in the general market, without having to concern yourself with choosing investments, rebalancing your portfolio, or knowing when to sell or buy individual companies. All that will be handled by the fund which will base the fund portfolio on the makeup of the underlying index.
You are also free to choose a fund that is based on any index that you want. For example, there are index funds set up for just about every market sector there is energy, precious metals, banking, emerging markets, the list goes on. All you have to do is decide that you want to participate, then contribute money and sit back and relax. Your stock portfolio will then be on automatic pilot.
Outsourcing business needs
If you’re spending too much of your time on an existing business running it yourself, why not outsource most if not all of your tasks? Yes, it will require you to give up some control, but in many businesses it’s the only way to free up your time so you can focus on other tasks that will result in more income.
If you don’t want to hire employees, consider hiring freelancers who work as contract labourers. Look for freelancers with a strong work ethic who provide quality results.
Here’s a list of tasks that you might want to outsource:
- Data Analysis
- Web design
- Task management
- Social media marketing and so much more!
Yes, many people can turn their existing businesses into passive income businesses. As long as the main product or service isn’t something only you can do, you can transform your business into a passive money maker.
Set up a website for selling products
If there is a product that you are particularly knowledgeable about, you may be able to sell it on a dedicated website. The technique is similar to what you would use for your own product, except that you will not to be concerning yourself with product creation, but only with the sale of someone else’s product.
You may even find after a while that you are able to add other products that are related. If you’re good on this, the site could generate substantial revenues.
If you are able to have the product drop sent to customers directly from the manufacturer, you won’t even have to get your hands dirty. That may not be 100% passive, but it’s quite close.