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I can rest in peace knowing that whatever might happen, I’m ready to provide for my family and myself with my multiple streams of income. The reason I’ve set up so many streams of income is to hedge myself against recessions and any financial setbacks that might happen. These are just a few of the ways you could start earning extra income in the next twelve months. Obviously, a ton of other opportunities are available depending on where you live, your level of skill, and your income goals. I already love doing YouTube videos and interviews and putting myself out there. With media deals, I can use my video skills and personality to represent big financial brands and help them market their products.
Spend your free time creating the perfect crafts, then turn around and sell them with your own Etsy store. Consider watching dogs out of your own home and marketing your services on a website like Rover.com. Although I didn’t earn any money with Good Financial Cents for the first 18 months, the time I invested was totally worth it.
What Are Multiple Income Streams?
I learned I wanted to help people, and that I wanted my profits to be the byproduct of my success. On the flip side, however, the experience helped me quite a bit. Even though I knew I wasn’t cut out for multi-level marketing, I did begin to recognize that I wanted more out of life than just selling stuff to make a buck. By having money coming in from multiple sources, entrepreneurs can make sure the money never stops rolling in.
- With Fundrise, you’re buying notes with real estate as the underlying investment.
- It’s recommended that you also speak with a financial adviser to help plan and hit your passive income strategy goals.
- Having multiple income streams helps build wealth and achieve your financial goals.
- It has the perks of running your own business — but all you have to do is drive traffic to other people’s websites.
- It’s a fantastic way to get direct access to me as I answer every single DM and comment.
- You’ll want to weigh these risks and have contingency plans in place to protect yourself.
And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with). Commercial property investment is attractive for those looking for a long-term, steady return. You invest law firm bookkeeping in contracts with tenants giving you financial stability. Benefits include reduced maintenance, higher appreciation and more rental income. Real Estate is a fabulous option for generating multiple income sources in India.
Dividend Income – Income from stocks, mutual funds, and ETFs that are held in a brokerage account
“Today, there is so much complexity and competition when it comes to launching a business,” says Milos Safranek, founder of Automated Wealth Management Holdings. The idea of starting multiple businesses might sound appealing to a visionary entrepreneur. However, when reality strikes, business owners often discover that operating a single business can be challenging enough. Fortunately, there are ways to build multiple companies and keep your head above water.
As long as it’s something I believe in and support, it’s a win-win. Companies I’ve been approached by in the last two years include John Hancock, Credit Karma, Discover, Capital One, MasterCard, and GM, just to name a few. It’s been so fun helping these awesome companies create their own marketing plans, whether through video or other online media.
