If you rely on ONE income stream, you run the biggest risk.
Why?
Because you’re one bad day away from zero income streams.
So what’s the solution?
Creating multiple streams of income.
And that’s exactly what you’ll discover in this guide.
Let’s dive in.
In this article
How to Create Multiple Streams of Income
Did you know the average millionaire has 7 income streams?
The 7 income streams include:
- Rental Income – Income from rents
- Dividend Income – Income from stocks
- Earned Income – Income from jobs/side hustles
- Royalties – Royalties from books, inventions, etc.
- Business Income – Income from business profits
- Interest Income – Income from savings accounts, bonds, etc.
- Capital Gains – Capital gains from selling highly appreciated assets
Now, I will reveal how you can create these 7 income streams.
I’ll also include resources with each income stream so you can start making money right away.
With that said, let’s kick things off with income stream #1:
1. Rental Income
Rental income is one of the most popular income streams.
Why the popularity?
Because real estate can provide a steady stream of cash flow from rents.
Not only that but you can also:
- Get tax benefits
- Diversify your portfolio
- Profit from property appreciation
And it gets better:
You don’t need $100,000s to start investing in real estate.
In fact, you can earn rental income with as little as $10.
Here are 3 ideas you can use to start earning rental income:
Rental Income Idea #1: Invest in Private Real Estate
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Fun |
5/5 |
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2/5 |
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Scalability |
4/5 |
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Sustainability |
4/5 |
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Potential Monthly Income |
$10 to $500+ |
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Private real estate investing might be the right option for you if you want to earn passive rental income without dealing with tenants.
But how do you get started with private real estate investing?
Enter Fundrise 👇
Fundrise gives you the chance to invest in real estate (through private REITs) for as little as $10.
The properties that REITs own are typically commercial by nature, and could include:
- Hospitals
- Apartment complexes
- Industrial warehouses
In general, REITs are a pretty illiquid investment, which means your money likely will be tied up for longer periods of time.
REITs, in my opinion, are great protection against stock market volatility because you would be receiving a passive income stream from the rents paid.
This image illustrates that over the past 2 decades, REITs have consistently earned a higher rate of return for passive income – more than stocks, bonds, or other investment assets.
Another helpful chart is the one below, which demonstrates the consistent returns of private REITs versus stocks and bonds:
The orange line, representing private REITs, illustrates that REITs like those found in Fundrise offer more consistent returns than stocks do.
Take a look at the following time periods:
- Dotcom Bust
- Great Recession
- Savings & Loan crisis
During each of these volatile times, the stock market drastically sank, while REIT performance declined only slightly.
Here are few more pros and cons:
| Pros | Cons |
|---|---|
|
Lower than average fees |
Private real estate can be risky |
|
Investing is open to anyone |
Terms can be complex |
|
Hedge against inflation |
Long lockup period |
Private real estate investing has so much potential for those of us who are willing to take a calculated risk.
Recommended Reading: Fundrise Review
The Bottom Line:
Investing in private real estate is a proven strategy to build wealth and earn passive income. Make sure you do your research first before you commit financially.
Rental Income Idea #2: Invest in Rental Properties
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Fun |
5/5 |
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Flexibility |
4/5 |
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5/5 |
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Scalability |
3/5 |
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Sustainability |
3/5 |
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Potential Monthly Income |
$10 to $500+ |
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Have you ever wanted to invest in single-family rental homes but just didn’t know how or where to start?
Then check out Arrived Homes 👇
Arrived homes is a new alternative investment platform where virtually anyone can invest in rental real estate shares for as little as $100.
You can invest in single-family homes spread across the country, in places like:
- Arizona
- Colorado
- South Carolina
- North Carolina
The homes are relatively modern and typically cost between $200,000 to $500,000+.
Your hold period for these homes will often last for up to 7 years, so before you start investing, just make sure you’re comfortable keeping your money locked up for so long.
With each home investment, Arrived Homes also conducts a thorough analysis of the potential profitability of each home.
While you could be earning a passive rental income stream from your investment, I would suggest that you consider reviewing the fees as well.
In the case of Arrived Homes, for example, you could expect to pay an annual management fee of about 1% plus other, minor fees as well (such as a rental charge and sourcing fee).
Here are a few more pros and cons:
| Pros | Cons |
|---|---|
|
Earn passive quarterly income from rents paid |
Fees tend to be high |
|
Liability protection from LLC structure |
Your money is illiquid (locked up for 5-7+ years) |
|
Real estate can be good protection against inflation |
Properties available for investment are limited |
If you want to learn more about investing in rental real estate, then check out my latest Arrived Homes Review.
The Bottom Line:
One of the easiest ways to earn rental income is by investing in vetted rental properties across the United States. Just keep in mind that you are investing in something that’s illiquid and potentially higher risk.
Rental Income Idea #3: Invest in Farmland
| Farmland Investing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
1/5 |
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Scalability |
3/5 |
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Sustainability |
4/5 |
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Potential Monthly Income |
$0 to $1,000+ |
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Did you know that Earth’s supply of land is becoming more valuable with every year?
Think about it:
The human population continues to grow and needs a place to live, yet the supply of land cannot increase.
With a declining supply and an increasing demand, the value of land has skyrocketed over the past few decades.
How can you take part in the action?
Enter FarmTogether 👇
FarmTogether is a groundbreaking platform that gives accredited investors the chance to buy shares of farms across the country.
So, if you fall into one of these 2 categories, then you are considered an accredited investor and have access to alternative investment platforms like FarmTogether.
So why should you invest in farmland?
Check out the graph below.
Personally speaking, one of the main reasons why I’d want to consider investing in farmland is because of the low volatility compared to the stock market.
Check out this chart:
Look at the green line, which represents the growth of farmland from 1990 to 2020.
Take note of 2 things regarding farmland investments:
- The returns have increased drastically since roughly 2008
- The returns have been relatively stable with minor downturns
Now look at the other asset classes represented in the chart above:
- REITs
- S&P 500
- Commercial Real Estate
While REITs (real estate investment trusts) do offer higher returns than farmland investments, they have also experienced more volatility over the years.
In the end, whether you’re comfortable investing in farmland or not really depends on your accredited investor status and on your comfort level in taking risk.
Here are some additional pros and cons:
| Pros | Cons |
|---|---|
|
Diversify your portfolio |
Only available for accredited investors |
|
Farmland is a consistent investment that increases in value |
High upfront investment |
|
Earn both rent and profits through property appreciation |
Your money is typically locked up for 5+ years |
Not only does farmland pay you annual dividends (from the rents collected), but you can also earn substantial profits if the farmland is sold in the future. Keep in mind you will need a large upfront investment and accredited investor status.
2. Dividend Income
Dividend income is one of the best types of passive income.
You can earn dividend income by investing in dividend stocks.
With dividend stocks, you earn passive income from regular payouts from profitable companies.
And the more shares you own, the more dividends you earn.
With dividend stocks, you get:
- Tax advantages
- Capital appreciation
- A reliable source of passive income
And here’s the best part:
Companies typically increase their dividends during a recession to keep their investors (like you) happy.
But don’t fall for dividend traps, where stocks offer excessive dividends.
And that’s the beauty of dividends: Cash flow.
Here’s how to start earning dividend income:
Dividend Income Idea #1: Invest in a Brokerage Account
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5/5 |
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5/5 |
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5/5 |
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Scalability |
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Sustainability |
5/5 |
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Potential Monthly Income |
$10 to $1,000+ |
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One of the best ways to build your wealth is to invest in the stock market by opening a brokerage account.
Investing in the stock market can be extremely lucrative, especially if you hold your investment for the long term.
In fact, American households that classify in the wealthiest top 10% of the country own about 89% of all US stocks.
On the other hand, 11% of the stock market is distributed among the bottom 90% of American households.
Yikes.
So how do you become part of the action with the top 10 percenters?
Start owning stocks.
One of the best investment apps that I recommend for long-time investors is M1 Finance 👇
You can access M1 via desktop or mobile and it’s free to open an account.
With M1, you can open the following account types:
- SEP IRA
- Roth IRA
- Trust account
- Joint accounts
- Traditional IRA
- Checking account
- Individual accounts
There is no minimum investment, and your management fee is $0 (for M1 customers and $125 per year for M1 Plus customers).
Lastly, take a look at the investment options you would have access to if you sign up to M1 Finance:
- 6,000 stocks & ETFs
- 80+ portfolios designed by experts
If you feel comfortable with investing on your own, then consider curating your own portfolio by selecting from the 6,000 stocks and ETFs M1 Finance offers.
However, if you’re not completely comfortable with investing (which is completely ok), then check out the 80+ investment portfolios, designed by investment experts for you.
The best part? All you need is $100 to start investing.
Here are a few additional pros and cons:
| Pros | Cons |
|---|---|
|
Low fees, as long as you invest in low-cost index funds |
It’s difficult to stay invested for the long term, especially during volatile times |
|
Create a custom portfolio or select from 100 pre-made investment portfolios |
Investing could be confusing for new investors |
|
Good protection against inflation |
Could lose money by investing in high-risk stocks |
If you’re looking for a long-term and low-cost investment option, then M1 Finance is likely a very good option for you.
The Bottom Line:
Arguably one of the best ways to invest and build multiple income streams is investing in the stock market. This type of investment should be long-term, as the stock market does experience volatility.
3. Earned Income
Earned income is the most common income stream.
Here are the different types:
- Tips
- Overtime pay
- Wages and salaries
- Contractor payments
- Bonuses and commissions
Now you might be wondering:
“What’s the best income stream outside of my 9 to 5?”
The answer is starting a side hustle.
And it’s not impossible for your side hustle to out-earn your 9 to 5.
In fact, the potential money you can make from a side hustle is unlimited.
Here are 2 ways to start earning earned income:
Earned Income Idea #1: Paid Surveys
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2/5 |
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Flexibility |
5/5 |
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Cost |
5/5 |
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Scalability |
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Sustainability |
0/5 |
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Potential Monthly Income |
$5 to $50+ |
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Want to know how you can stay in your pajamas all day long, watch TV, and still make money?
Here’s how:
Sign up to paid survey platforms and start earning money!
Typically, you can make between $20 to $50 per month, per paid survey platform… and that’s why I have a trick up my sleeve.
The more paid survey sites you register for, the higher the chances are that you’ll make extra cash.
Below are some of the top survey sites:
Here’s what you’ll have to do:
- Answer questions about yourself (demographics, age, etc.)
- Qualify for surveys by answering qualification questions
If you don’t qualify for the surveys, you can still earn money, and if you do qualify for the surveys, you’ll earn likely 5 to 10 times the amount of money than if you didn’t qualify.
If you cannot qualify for 1 survey on 1 site, then hop to the next survey site and see if you qualify there.
The good news is that the qualification questions won’t take up too much of your time.
Earned Income Idea #2: Get Paid to Go Grocery Shopping
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Fun |
3/5 |
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Flexibility |
2/5 |
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Cost |
5/5 |
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Scalability |
1/5 |
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Sustainability |
3/5 |
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Potential Monthly Income |
$700 to $2,000+ |
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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.
As an Instacart shopper, you would:
- Accept a customer’s grocery order
- Drive to the grocery store and go shopping
- Drive to the customer’s house and deliver their order
Check out some of the companies Instacart is partnered with:
Just keep in mind that if you do want to become an Instacart shopper, you must be:
- At least 18 years old
- Have a valid driver’s license
- Have a working smartphone
- Be physically able to lift between 30 to 40 lbs. of groceries
My favorite part about Instacart is that you can set your own schedule (since you’re effectively your own boss).
Here are some more pros and cons of Instacart:
| Pros | Cons |
|---|---|
|
You can earn additional money through tips |
Might be exposed to disgruntled customers |
|
Flexible hours |
Wear and tear on your car |
|
You could receive free groceries |
Not all orders pay that much money |
Honestly, if you have extra time and if you like taking your car out for a spin, then Instacart could be the app for you.
The Bottom Line:
If you want to earn extra income, then consider delivering groceries with Instacart where you could earn up to $2,000+ per month.
4. Royalties
Royalties are one of the most underrated income streams.
What are royalties?
Royalties are payments made to creators for each sale of your book, music, public performance, etc.
But here’s the thing:
You have to put in the upfront work with royalties, to reap the rewards for years after.
For example, I wrote my first eBook, How to Get Rich from Nothing in June of 2021.
Since then, I’ve sold thousands of copies of my eBook, which took me about 1 month to write, edit, and market.
Now, my eBook continues to make sales almost 3 years after it was first published.
Here’s how you can start earning royalties:
Royalties Idea #1: Write an eBook
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
5/5 |
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Scalability |
5/5 |
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Sustainability |
5/5 |
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|
Potential Monthly Income |
$0 to $2,000+ |
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Sales from my eBook is one of my favorite income streams.
The best part about an eBook is that it virtually costs you $0 to start – at least that was my personal experience.
Modern business owners would jump for joy if they could earn 100% in profit without any upfront costs.
That’s why the eBook can be so effective.
The good news is that you can write about anything in an eBook – as long as you:
- Are professional
- Are grammatically correct
- Are experienced in your subject matter
You don’t even have to be a pro at something, just show that you can be trusted by your reader because you have some sort of experience.
Here are a few additional pros and cons to writing eBooks:
| Pros | Cons |
|---|---|
|
You set your own schedule |
Can be a lot of upfront work |
|
Very little upfront cash is needed |
You need to be patient |
|
Earn passive income for life |
Sales can be inconsistent |
The best part about writing an eBook is that you can earn money on this product for years to come.
The Bottom Line:
Writing an eBook is likely one of the best ways to earn a recurring income stream – practically for life. You’ll have to put in hard work in the beginning of your eBook journey, and as long as you market and promote your product properly, then you could expect consistent income in the future.
5. Business Income
The highest chance of becoming a millionaire is if you are a business owner.
In fact, if you are self-employed, you are 4 times more likely to become a millionaire than if you worked for someone else.
Yet only 18% of American households are run by business owners.
Of course, being a business owner can have its own ups and downs.
For example:
- 100% responsibility
- No guarantee of success
- Extreme financial pressure
- More demanding work hours
- No consistent income stream
As you can see, owning a business might not be for everyone.
But if you want to give it a try, here are 2 ways to start earning business income:
Business Income Idea #1: Build a 7-Figure Blog
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
5/5 |
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Scalability |
5/5 |
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Sustainability |
5/5 |
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Potential Monthly Income |
$0 to $10,000+ |
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I want you to picture the following scenes:
- You’re at the beach or pool
- You’re soaking up the warm sun
- Your laptop is on the table next to you
- You just heard a “ping” and see you earned $200
You are making money while actually enjoying life.
Believe it or not, you can actually make this scene become a reality if you start building a blog.
And you can literally write about anything:
- Cars
- Dogs
- Food
- Music
- Fashion
- Finance
- Shopping
Here’s how much money you could expect to earn if you started a blog:
It’s not easy to make money blogging.
Based on the chart, about 50% of bloggers reported earning less than $1,500 per month for working about 8 hours on their blog each week.
However, if you really dedicate yourself to your blog, you can really see a positive difference.
Here are some of my favorite ways to earn money blogging:
- Selling eBooks
- Selling courses
- Sponsored posts
- Affiliate marketing
- Selling your own services
- Selling your own products
If you are thinking about getting into blogging, then just make sure you are actually passionate about it and not just doing it for the money.
Blogging might be right for you, if you:
- Like to write
- Love to create content
- Are focused on the long-term
- Are passionate about a certain topic
- Understand how to work with computers
So if blogging sounds like the right choice for you, then you can start by creating your website with Bluehost 👇
If you’re a beginner blogger, then I’d choose Bluehost because:
- It’s simple
- It’s easy to use
- It’s relatively inexpensive
If your ultimate goal is to build multiple income streams for the long term, then I encourage you to consider blogging.
It can change your life.
Here are a few more pros and cons to blogging:
| Pros | Cons |
|---|---|
|
Unlimited income potential |
Beginning stages are tough |
|
Flexible hours |
Will require a lot of work |
|
Very low start-up costs |
Results take years to show |
If you want to break free from the rat race and the daily 9 to 5 grind, then building a blog is likely one of the best ways to escape.
The Bottom Line:
Blogging is arguably my favorite activity here. You are your own boss, you can create whatever you want while connecting with interesting people from around the world – all while earning money.
Business Income Idea #2: Build a 6-Figure Social Media Empire
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
5/5 |
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Scalability |
5/5 |
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Sustainability |
5/5 |
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Potential Monthly Income |
$0 to $3,000+ |
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Did you know that you could make 6-figures, and potentially even more than 7-figures, just through social media?
Digital stars are becoming more and more popular – and their paychecks are skyrocketing.
| Celebrity | Salary |
|---|---|
|
MrBeast |
$54 million |
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Jake Paul |
$45 million |
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Markiplier |
$38 million |
Ok, so these numbers are the outliers, but seriously, you can make a lot of money from social media.
My go-to platform is Twitter.
While I don’t make millions (yet!) from Twitter, I do earn a consistent monthly income that ranges between $1,000 to $3,000 per month – just from Twitter.
Now, I’m going to show you how you can make money from your Twitter account too.
First, check out the content creation guide, X Mastery 👇
I’m not kidding when I say that this course works.
In fact, I gained over 260,000 followers just by consistently implementing the strategies in this course.
Here are the steps you can take to build a quality audience:
- Follow the strategies in X Mastery
- Design an appealing social media profile
- Create consistent content with value
- Engage with your audience
- Build relationships
As long as you are consistent with your branding and with your message, you should start building a high-quality audience.
You have to be patient with yourself.
Once you have built a loyal following, the next step is to monetize your social media account through strategies like:
- Ghostwriting
- Sponsored posts
- Affiliate marketing
- Selling your own products
- Selling your own services
Here are some more pros and cons to building a social media empire:
| Pros | Cons |
|---|---|
|
You are your own boss |
Not a good fit if you don’t take initiative |
|
Income earning potential is unlimited |
You have to be patient |
|
You can work from anywhere |
Requires hard work before results show |
In my opinion, building a social media empire is 100% worth the upfront effort and time.
The Bottom Line:
If your goal is to build a business with flexible work hours, passive income, and unlimited profit potential, you may want to consider creating a social media empire. It’s a lot of hard work in the beginning, but the results can and will likely pay off – as long as you’re diligent with your efforts.
6. Interest Income
Interest income is one of the easiest income streams to get.
And I’m about to reveal a trick to earn you the most interest income.
Here it is:
Instead of storing your cash in a savings account that will earn you 0.1% APY…
Consider using a HYSA (aka a high-yield savings account).
With the current interest rates, you can get over 5% APY in a HYSA.
A 5% rate on $10,000 of cash would earn you $500.
For doing absolutely NOTHING.
Talk about making your money work for you!
Here’s how to start earning interest income:
Interest Income Idea #1: Invest in High-Yield Savings Accounts
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
5/5 |
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Scalability |
3/5 |
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Sustainability |
4/5 |
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Potential Monthly Income |
$0 to $10+ |
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A high-yield savings account (aka HYSA) is a liquid and accessible savings account that is generally only found through online banks.
You typically earn a much higher interest rate than with brick-and-mortar banks.
Let’s take a look at a classic example of the savings account interest rates offered at a local brick-and-mortar bank in my area:
You can see that the interest rates are only 0.01% to 0.04%.
Now, take a look at the interest rates you could earn with an online high yield savings account:
That is a 13,050% percent increase when you level up from the 0.04% interest rate (for brick-and-mortar banks) to the 5.26% interest rate (for the Raisin high-yield savings account).
So if you want to maximize the interest earned on your savings, consider checking out the high-yield savings accounts from Raisin 👇
Believe it or not, you can get the biggest bang for your buck by opening a HYSA today – for free.
Here are a few additional pros and cons for Raisin:
| Pros | Cons |
|---|---|
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FDIC insured |
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No monthly maintenance fees |
No access to an actual branch (since this is 100% online) |
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Higher interest rate than most other savings accounts |
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If you’re looking to build your emergency savings fund (which should have about 3 to 6 months’ worth of your living expenses), then to get the biggest bang for your buck, you should consider opening a high-yield savings account.
7. Capital Gains
Capital gains are one of the most powerful income streams.
What are capital gains?
A capital gain is the profit earned from selling an asset for more than its original purchase price.
Now you might be wondering:
“What assets go up in value so I can sell it later and make a profit?”
Well, the good news is many assets appreciate in value.
Here are 2 appreciating assets you can use to earn capital gains:
Capital Gains Idea #1: Invest in Fine Art
| Fine Art Investing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
3/5 |
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Scalability |
3/5 |
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Sustainability |
3/5 |
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While the world of fine art is often only available to the ultra-wealthy, that’s no longer the case.
Enter Masterworks 👇
Masterworks is an alternative investment platform that allows virtually anyone to buy shares of fine art.
With Masterworks, you could:
- Diversify your investments
- Protect yourself against inflation
- Invest in million-dollar fine art for a fraction of the cost
Artwork could also protect your net worth because it’s not really correlated with stock market volatility, based on the graph below.
In the image above, when the S&P 500 goes down (red bar), nothing happens to the contemporary art market (it goes neither up nor down).
This could be a good thing, since you would protect the value of your art assets, even during potentially rough economic times.
While you might not earn an active income stream on your fine art investment, you could earn a profit once the fine art is sold.
So, just make sure you do your thorough research before committing to the fine art market.
Here are some more pros and cons to fine art investing:
| Pros | Cons |
|---|---|
|
You have access to fine art worth millions of dollars |
Your investment is typically illiquid |
|
Fine art is a good diversification feature |
Investing in fine art can be risky |
|
Fine art is stored and insured in a safe and secure facility |
The fees are much higher than your low-cost index fund |
If you are interested to learn more about Masterworks and the fine art investing world, then check out my latest Masterworks Review.
The Bottom Line:
Another proven strategy to build multiple streams of income is by investing in fine art. Fine art is a protection against inflation and could help you earn a profit, as long as you are willing to stay invested for the long run.
Capital Gains Idea #2: Invest in Fine Wine
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Fun |
5/5 |
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Flexibility |
5/5 |
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Cost |
3/5 |
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Scalability |
3/5 |
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Sustainability |
3/5 |
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Best Resource |
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Are you a wine lover?
Do you enjoy making money?
If you answered yes to both of these questions, then you might want to consider investing in fine wine.
Enter Vinovest 👇
Vinovest is a groundbreaking platform that is considered the world’s very first wine robo advisor.
Believe it or not, investing in fine wine could help you earn higher returns than if you just were invested in the stock market.
Take a look at the image above.
According to this chart, from Vinovest, fine wine has consistently outperformed the Global Equity Index for the past 15 years, which includes market downturns (like 2008).
In other words, fine wine might be:
- A good protection against inflation
- A good strategy to increase your net worth
- A good protection against stock market volatility
As an example, if you’re not a fan of recent stock market volatility, then investing in fine wine could be a good option.
Here’s why:
According to this image, fine wine has a very low correlation to the stock market, like the S&P 500.
So, when the S&P 500 goes down in value, fine wine should not, or minimally at most.
With Vinovest, you can start investing in fine wine for as little as $1,000.
Your bottles of wine will also be insured.
Overall, I think investing in fine wine is a great idea.
Just keep in mind that your fees are much higher (2.25% for the starter kit) than if were to invest in a low-cost index fund in the S&P 500 (typically around 0.10% or less).
Here are some more pros and cons to fine wine investing:
| Pros | Cons |
|---|---|
|
Fine wine is insured and stored in state-of-the-art facilities |
Fees can be relatively high |
|
Fine wine returns have outperformed the market in past years |
You typically need to hold your investment for 20+ years |
|
You actually own the wine – not just a share of wine |
Fine wine investments are largely unregulated |
To learn more about fine wine investing and Vinovest, then check out my latest Vinovest Review.
The Bottom Line:
Fine wines have proven to perform consistently even if the stock market is volatile. The only downside to fine wine investing is that your money will likely be locked up for longer periods of time before you see a profit.
The Importance of Multiple Income Streams
Millionaires understand how important it is to diversify the source of their earned money by building multiple streams of income.
Multiple income streams can not only help you build wealth, but they can help you:
- Retire early
- Pay off debt
- Pay for college tuition
- Pay for healthcare costs
- Increase your credit score
And so much more.
In the end, your additional income streams can set you up for the life you’ve always dreamed of.
How to Evaluate Your Income Streams
It’s important to first evaluate your income stream options before financially committing to any one of them.
Here’s a list of factors that I would use to assess each potential income stream before moving forward:
- Flexibility – Is it remote?
- Cost – Is there a large, upfront investment?
- Enjoyment – Do you actually like what you are doing?
- Sustainability – Do you have to devote time to the job?
- Scalability – Do you have a high income earning potential?
Before you devote money, energy, and time to building your new income stream, it’s important that you consider these factors first.
Multiple Sources of Income: FAQs
What are considered multiple streams of income?
To have multiple streams of income means that you are not just relying on 1 source of income to live and save for retirement. Instead, you are earning money from 2 or more income streams.
How do you create multiple streams of income?
Here are some steps you can take today to create multiple streams of income:
- Consider your passions
- Do your thorough research
- Find a mentor, if necessary
- Start building your income stream
- Remember to be patient in the process
How many income streams do millionaires have?
The average millionaire has about 7 income streams. This statistic is so important because millionaires do not just rely on 1 source of money to live. Instead, they have multiple streams of income as backup plans.
Closing Thoughts
There are so many ways you can start building multiple income streams even in just the next 6 to 12 months.
Keep in mind that creating multiple streams of income is not an easy task, as it typically takes:
- Hard work
- Research
- Patience
Depending on the type of income stream you are building (like a long-term side hustle), then you might not see results within the first 12 months or even the first 24 months.
Unless you win the lottery, you probably won’t get rich overnight.
So, put in the work and stay focused on the long-term goal of building wealth and you’ll start seeing results.
Your bank accounts will thank me later.