How to Create 7 Multiple Streams of Income: NEW Guide [2022]

the millennial money woman blog post "Multiple Streams of Income"

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Building multiple streams of income is key to achieving long-term wealth.

In fact, the average millionaire has about 7 income streams.

The average millionaire has 7 income streams

Source: IRS

One of the main reasons why millionaires have multiple sources of income is to increase their cash flow and build their wealth.

And in this article, I’m going to show you how to create multiple streams of income.

In this article

Let’s get started.

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:

Factor Evaluate

Enjoyment

Do you actually like what you are doing?

Flexibility

Is it remote?

Cost

Is there a large, upfront investment?

Scalability

Do you have a high income earning potential?

Sustainability

Is this passive income?

Or, do you have to devote time to the job?

Before you devote money, energy, and time to building your new income stream, it’s important that you consider these factors first.

7 Multiple Income Streams

7 Multiple Streams of Income Ideas


Here’s my list of the 7 multiple income streams:

  1. Dividend Income – Income from stocks
  2. Rental Income – Income from rental real estate 
  3. Earned Income – Income from jobs/side hustles
  4. Royalties – Royalties from books, inventions, etc.
  5. Business Income – Income from business profits
  6. Interest Income – Income from savings accounts, bonds, etc.
  7. Capital Gains – Capital gains from selling highly appreciated assets

If you’re ready to start creating multiple streams of income, check out the ideas below!

Dividend Income

1. Dividend Income


One of the major passive income streams for millionaires is dividends.

Dividends can actually pay you a lot of money…

The more stock you own, the more dividends you receive.

Here’s an example:

Dividend Example

Shares owned by you in Company Z

50

Company Z dividend agreement

$2 per year

Your estimated dividend payment per year

$100 per year

(50 shares X $2 dividends per share = $100 pear year)

Dividends are a great way to earn more money passively.

This is another reason why I’m generally a big fan of dividend-producing income streams, like investing in the stock market.

Check out this chart below, which shows the S&P 500 dividend yield from 2000 to mid-2020:

SP500 Dividend Yield

Take a look at the thick, grey bars in the graph: These grey bars show a recession (in 2000, 2008, and 2020).

Now, take a look at the purple line, which indicates the dividend payout.

Do you notice a trend?

While the stock market may be plummeting during a recession, as long as you’re invested for the long run, your dividend yield can keep you afloat, because that’s the cash flow you’re being paid right now.

And that’s the beauty of dividends: Cash flow.

If you want to build multiple income streams through dividends, then check out my ideas below.

Dividend Income Idea #1: Invest in a Brokerage Account

Fiona's Rating
5/5
Brokerage Account

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

5/5

Sustainability

5/5

Potential Monthly Income

$10 to $1,000+

Best Resource

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.

The wealthiest 10% of Americans own 89% of all U.S. stocks

Source: CNBC

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
m1 finance - the finance super app

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.

m1 finance pie

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.

fiona smith the millennial money woman

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.

Dividend Income Idea #2: Invest in Small Businesses

Fiona's Rating
4.2/5
Small Business Ventures

Fun

5/5

Flexibility

3/5

Cost

4/5

Scalability

3/5

Sustainability

4/5

Potential Monthly Income

$10 to $1,000+

Best Resource

Investing in small, local businesses can be very profitable.

Not only can you earn a passive income stream from the businesses that you invest in, but you also have the chance to get repaid 100% based on your initial investment.

So how do you get started with small business investing?

Enter Mainvest 👇

Mainvest is a new investment platform that gives quite literally anyone the chance to invest in local, small business ventures for as little as $100.

When you invest with Mainvest, you do not have to pay any fees and you have the opportunity to be a part of a local business’s success.

Mainvest offers business investment opportunities ranging from small coffee shops to dispensaries.

Mainvest Businesses 2

Some business investment opportunities are so popular, that the funding goals are met or exceeded (some goals are exceeded north of 300%).

In other words, you cannot invest in software start-ups on Mainvest.

Instead, you will have the chance to make a meaningful and lasting contribution to a local community’s businesses.

Here are few more pros and cons to Mainvest:

Pros Cons

Potential to earn quarterly income

Your money is illiquid

Support the local community

Increased risk

Anyone can invest

No refund if a business defaults

While I wouldn’t dump all of my money into Mainvest, I would definitely consider this investment platform as a way to build multiple income streams.

Recommended Reading: Mainvest Review

fiona smith the millennial money woman

The Bottom Line:

If you want to make a positive impact in your local community and earn money through investing in small business ventures, then you may want to consider Mainvest as your next investment platform.

Rental Income

2. Rental Income


One of the most popular income streams is rental real estate.

In fact, did you know that about 90% of the world’s millionaires built their wealth by investing in real estate?

90% of millionaires invest in real estate

Source: CNBC

One of the main reasons why real estate investing can be so attractive, once again, comes down to cash flow.

And the good news is that you don’t need $100,000’s or millions of dollars to start investing in real estate.

At least not with the investment platforms that I’m about to show you.

So if you’re interested in building multiple income streams through rental real estate, then check out my ideas below.

Rental Income Idea #1: Invest in Private Real Estate

Fiona's Rating
4/5
Private Real Estate Investing

Fun

5/5

Flexibility

2/5

Cost

4/5

Scalability

4/5

Sustainability

4/5

Potential Monthly Income

$10 to $500+

Best Resource

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 is a real estate crowdfunding platform that 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.

Private Real Estate Performance

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:

Annual Return of Private Real Estate vs Stocks

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

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

fiona smith the millennial money woman

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

Fiona's Rating
4/5
Rental Property Investing

Fun

5/5

Flexibility

4/5

Cost

5/5

Scalability

3/5

Sustainability

3/5

Potential Monthly Income

$10 to $500+

Best Resource

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+.

Arrived Homes Example Rental Properties

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.

Arrived Homes Future Growth Projections

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.

fiona smith the millennial money woman

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

Fiona's Rating
4.4/5
Farmland Investing

Fun

5/5

Flexibility

5/5

Cost

1/5

Scalability

3/5

Sustainability

4/5

Potential Monthly Income

$0 to $1,000+

Best Resource

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 AcreTrader 👇

AcreTrader 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 AcreTrader.

So why should you invest in farmland?

Check out the graph below.

farmland average annual return

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:

cumulative returns of major asset classes 1990-2018

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

If you’re interested to learn more about investing in farmland, then check out my latest AcreTrader Review.

fiona smith the millennial money woman

The Bottom Line:

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.

Earned Income

3. Earned Income


The most common income stream is earned income.

Earned income can range from your typical day job to passive income, to your side hustle.

In fact, 57% of Americans claim to have a side hustle.

57% of Americans have a side hustle

Data Source: Dollarsprout

A side hustle, in addition to your regular 9 to 5 job, is a great way to find financial freedom for yourself and your family.

So if you want to increase your earned income, check out some of my ideas below:

Earned Income Idea #1: Paid Surveys

Fiona's Rating
2/5
Online Surveys

Fun

2/5

Flexibility

5/5

Cost

5/5

Scalability

0/5

Sustainability

0/5

Potential Monthly Income

$5 to $50+

Best Resource

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.

Related: Survey Junkie Review

Earned Income Idea #2: Rent Out Your Extra Space

Fiona's Rating
4.8/5
Renting Out Your Space

Fun

3/5

Flexibility

5/5

Cost

5/5

Scalability

0/5

Sustainability

3/5

Potential Monthly Income

$50 to $500+

Best Resource

A great way to potentially earn thousands in passive income is by renting out your unused space.

So how do you turn your extra space into cash?

Enter Neighbor 👇

Neighbor connects those with extra storage space to those who need storage space.

Virtually any empty space in your house could be considered storage space:

  • A free driveway
  • An empty closet
  • An empty drawer 
  • An empty garage spot
  • An empty spot on your floor

Below are some additional ideas for storage spaces:

Neighbor Types of Storage

Basically, there are no requirements to list your space on Neighbor and build a second income stream.

So how much money can you actually earn?

It honestly depends on the following factors:

  • Where you live
  • The size of your storage space
  • The amount of time for which you rent out your space

If you’re looking to rent out your storage space, then you’re also offered insurance protection (which is something that I always make sure to cover).

Below are some additional pros and cons of renting out your unused space with Neighbor:

Pros Cons

Damage and theft protection for renters

Increased liability

Free $1,000,000 liability protection for host

You must pay monthly service fees

All transactions are secure

Increased responsibility

If you already have the space, consider turning it into an income stream.

fiona smith the millennial money woman

The Bottom Line:

Renting out your unused space is an easy way to make money from home. This could be an empty drawer, an empty driveway, or an unused room in your house. Rent it out and earn cash.

Earned Income Idea #3: Get Paid to Go Grocery Shopping

Fiona's Rating
3.5/5
Instacart Shopper

Fun

3/5

Flexibility

2/5

Cost

5/5

Scalability

1/5

Sustainability

3/5

Potential Monthly Income

$700 to $2,000+

Best Resource

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:

Instacart Partner Brands

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.

fiona smith the millennial money woman

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.

Earned Income Idea #4: Rent Out Your Car

Fiona's Rating
4/5
Renting Out Your Car

Fun

3/5

Flexibility

5/5

Cost

5/5

Scalability

0/5

Sustainability

3/5

Potential Monthly Income

$720+

Best Resource

Since the pandemic started, I probably have used my car only a handful of times – typically to go to the grocery store and to the vet.

So my car has been sitting idle in my garage.

…Now imagine if you could turn your idle car into a money making machine….

Enter HyreCar 👇

With HyreCar, you can elect to rent out your own car to people who are looking to use your car to make money with Uber and/or Lyft.

I find that as a car owner, you can set many of your own restrictions, including:

  • Your price
  • Insurance requirements
  • The length of your lease
  • The pick-up and drop-off of your car

The good news is that you can also set the requirements for the length of time that you rent out your car.

In most cases, you could expect to earn somewhere around $500 to $700 per month with HyreCar, which isn’t bad, especially if your car would have just been sitting idle in your driveway.

Here are a few more pros and cons of HyreCar:

Pros Cons

Extra income stream

You may be exposing yourself to risk and liability

Driver is insured by Hyrecar when not driving for Uber, Lyft, etc.

It might be inconvenient to arrange car pick-ups and drop-offs

You can talk to a human customer service representative

May have to pay up to $1,000 in deductible costs for vehicle damage

HyreCar could be a great way to convert a non-income producing asset (your car) into a cash machine.

Want to make even more cash?

Consider using Neighbor to rent out the (now) empty space in your garage or on your driveway.

Cha-Ching!

fiona smith the millennial money woman

The Bottom Line:

If you have a working vehicle that you’re not using and want to build multiple income streams, then consider renting out your car to someone else who will use your car to make cash through either Uber or Lyft.

Earned Income Idea #5: Flip Junk for Cash

Fiona's Rating
4/5
Flipping

Fun

5/5

Flexibility

5/5

Cost

4/5

Scalability

3/5

Sustainability

3/5

Potential Monthly Income

$100 to $9,000+

Best Resource

If you love selling, making deals, and have a creative vision, then flipping used items might be your next best bet.

But how do get started with flipping?

Enter Trash2Cash 👇

This is a course that will teach you step-by-step how to spot the “valuable trash” and how to flip it and make a profit.

Check out what you’ll learn with the table of contents here:

Trash2Cash Table of Contents

The good news is that you probably won’t have to spend too much time on the items that you’re flipping.

You can find “valuable trash” anywhere, such as:

  • Old furniture left on the side of the road
  • At your local Habitat for Humanity store
  • Antiques shop
  • Yard sales
  • Goodwill

…I could go on and on.

Personally speaking, I’m a big fan of bargain shopping myself, and it’s true that you can find value if you look hard enough.

“One man’s trash is another man’s treasure.”

I would note, however, that if you’re not proactive and if you find yourself procrastinating, then flipping junk for cash probably isn’t the right next step for you.

That’s because you have to take the initiative yourself:

  • Find the “trash”
  • Develop a vision to flip it
  • Assort the materials needed to flip it
  • Put in the work to actually flip your “trash”
  • Market your “trash” to sell it and make a profit

The cool thing about the Trash2Cash guide is that it gives you tips on how to locate over 100 things you can easily find today.

Here are some more pros and cons to flipping:

Pros Cons

You are your own boss

Could be stressful

You can build things with your hands

You won’t do well if you procrastinate

You could earn unlimited money

Your income will not be consistent

While it might take you some time to find your groove when it comes to flipping junk, you could make this a full time business model.

fiona smith the millennial money woman

The Bottom Line:

One of the cheapest ways to build your own business, and potentially earn $100,000+ per year, is to flip trash for cash. If you like creating, building, and selling, then this additional income stream should be on your to-do list.

Royalties

4. Royalties


Before we dive in, let’s explore what the word royalties actually means:

I think the power of building an income stream from royalties is often overlooked.

The truth is this:

You can make a lot of money from royalties.

As an example, I wrote my first eBook in June of 2021.

Since then, I’ve made $1,000’s off of writing my 1 eBook, which probably took me about 1 month to write, edit, and market.

Now, almost 1 year after I first published my eBook, I continue to make sales.

So if you want to add royalties to your income stream list, check out my ideas below.

Royalties Idea #1: Write an eBook

Fiona's Rating
5/5
Writing an eBook

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

5/5

Sustainability

5/5

Potential Monthly Income

$0 to $2,000+

Best Resource

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.

fiona smith the millennial money woman

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.

Business Income

5. Business Income


Did you know that you have the highest chance of becoming a millionaire 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.

You are 4 times more likely to become a millionaire if you are a business owner

Source: The Millionaire Next Door

Yet surprisingly, 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 starting a business sounds like the right choice for you, then check out these proven business models below:

Business Income Idea #1: Build a 7-Figure Blog

Fiona's Rating
5/5
Blogging

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

5/5

Sustainability

5/5

Potential Monthly Income

$0 to $10,000+

Best Resource

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:

How Much Bloggers Make

Data Source: WorkFromHome

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.

fiona smith the millennial money woman

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

Fiona's Rating
5/5
Monetizing Social Media

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

5/5

Sustainability

5/5

Potential Monthly Income

$0 to $3,000+

Best Resource

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

Jake Paul

$45 million

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, Create 24/7 👇

I’m not kidding when I say that this course works.

Here is some proof: 

  • I earned my very first dollar from Twitter about 1 month after starting this course
  • I gained over 80,000 followers in 1 year, 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 the Create 24/7 course
  • 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.

fiona smith the millennial money woman

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.

Interest Income

6. Interest Income


Out of all the income streams listed, this is probably the least important income stream.

Why?

Because the interest you can earn from a regular savings account is virtually nonexistent.

Check out the interest rates from a national bank here:

Wells Fargo Interest Rates

The image above shows that you get 0.01% annual percentage yield on your savings.

Basically, you’re getting next to nothing.

With that said, I’m about to show you 2 proven strategies to optimize your interest income below.

Interest Income Idea #1: Invest in High-Yield Savings Accounts

Fiona's Rating
3.5/5
High-Yield Savings Account

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

3/5

Sustainability

4/5

Potential Monthly Income

$0 to $10+

Best Resource

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:

Bank of America Interest Rates November 2021

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:

Axos Bank High-Yield Savings Rates November 2021

That is a 1,425% percent increase when you level up from the 0.04% interest rate (for brick-and-mortar banks) to the 0.61% interest rate (for the Axos Bank high-yield savings account).

So if you want to maximize the interest earned on your savings, consider checking out the high-yield savings account from Axos Bank 👇

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 Axos Bank:

Pros Cons

FDIC insured

Low-interest rates compared to other investment products

No monthly maintenance fees

No access to an actual branch (since this is 100% online)

Higher interest rate than most other savings accounts

Interest rate applies to the first $25k

Just remember that ideally, you’ll only want to stash 3 to 6 months’ worth of living expenses in your high-yield savings account, or you will likely lose money (due to inflation).

fiona smith the millennial money woman

The Bottom Line:

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.

Interest Income Idea #2: Invest in a Crypto Interest Account

Fiona's Rating
4.2/5
Crypto Interest Account

Fun

5/5

Flexibility

5/5

Cost

5/5

Scalability

3/5

Sustainability

4/5

Potential Monthly Income

$1 to $100+

Best Resource

BlockFi is a cryptocurrency platform where you could:

BlockFi’s biggest success, however, is probably its interest account.

BlockFi GUSD Interest Calculation

As you can see from the screenshot above, if you invest $100,000 into BlockFi’s interest account, you could earn over $12,400 in 10 years.

Here’s a comparison of how much you could expect to earn with BlockFi versus a regular savings account:

Crypto Interest Account Regular Savings Account

Interest Rate

9.5%

0.01%

Initial Investment

$100,000

$100,000

Interest Earned After 10 Years

$12,413.67

$100.05

Clearly, you can get a much bigger bang for your buck if you choose BlockFi over a regular savings account.

How is this possible?

First, you would have to convert your $100,000 into a stablecoin.

In other words, if the physical dollar value increases, then the value of the dollar stablecoin (aka GUSD) would increase proportionately.

There are also many other crypto related risks, including:

  • Volatility
  • Complexity

Take a look at the current stablecoin interest rates (as of early 2022):

BlockFi Stablecoin Rates Jan 2022

As you can see, there are many different Tiers, cryptocurrencies, and of course interest rates.

Just remember that the interest rates tend to change, so it’s typically a good idea to stay on top of this information.

Here are a few additional pros and cons for crypto interest accounts:

Pros Cons

Passive income

No FDIC coverage

No minimum deposit requirements

Limited on the amount of money you can withdraw

Easy sign up process

Interest rates fluctuate, depending on the economy

Believe it or not, you could earn $100’s of dollars in passive income if you opened an interest account with BlockFi and stashed your cash for the long term.

Recommended Reading: BlockFi Review

fiona smith the millennial money woman

The Bottom Line:

Depending on the interest rates and the economy, you could earn $1,000s more if you stash your cash in a crypto interest account versus a regular savings account.

Capital Gains

7. Capital Gains


You may remember from the previous income streams that investing in real estate can be incredibly profitable.

Not only do you earn income from the rents paid, but you also earn money from capital appreciation, since real estate is an appreciating asset.

The picture below illustrates this concept well:

How Investing in Commercial Real Estate Works

And if the pandemic has taught us anything about real estate, it’s that property values typically go up.

When prices are up, that’s typically a sign that you want to consider selling your property, and you’ll earn money based on your capital gains.

But, real estate is not the only way to earn capital gains.

Check out these other lucrative ideas below.

Capital Gains Idea #1: Invest in Fine Art

Fiona's Rating
4/5
Fine Art Investing

Fun

5/5

Flexibility

5/5

Cost

3/5

Scalability

3/5

Sustainability

3/5

Best Resource

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.

graph of comtemporary art correlation factor 1995-2020

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.

fiona smith the millennial money woman

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

Fiona's Rating
4.2/5
Fine Wine Investing

Fun

5/5

Flexibility

5/5

Cost

3/5

Scalability

3/5

Sustainability

3/5

Best Resource

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.

Wine vs Global Equity Index

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:

Fine Wine Low Correlation to Market Forces

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.

fiona smith the millennial money woman

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.

Multiple Sources of Income: FAQs

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.

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

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.

Multiple Income Streams: The Bottom Line


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.

Do you plan to create multiple streams of income? Let me know in the comments section below.

Fiona Smith
Fiona Smith
Fiona Smith is the founder of The Millennial Money Woman. She holds her Master of Science Degree in Personal Financial Planning, has advised decamillionaires for 6 years in the corporate wealth management sector and has co-founded a local non-profit community teaching financial literacy. She is the author of the personal finance book How to Get Rich from Nothing and her work is featured on Forbes and FinCon.

21 thoughts on “How to Create 7 Multiple Streams of Income: NEW Guide [2022]”

  1. Thanks for the info. I want to make money from paid surveys and investing in small businesses through manifest.com. But the problem is that I belong to the 3rd world country. I wonder whether they allow me to invest and run the paid surveys from my country.

    1. Hi Ratan,

      Thanks for your feedback!
      Yes, I’ve seen this dilemma before, where many passive income, investment, and survey sites do not allow access to international individuals. The good news is that there are some survey sites that do provide access to people outside of the United States. YSense and Swagbucks should be 2 of those survey sites that may work.

      Good luck!

      Fiona

  2. Fiona! This article was amazing. Thank you for writing it. I feel lucky to have stumbled across it. Just bought your book.

    1. There are several ways you can publish an ebook. One of the platforms that I’m familiar with – and actually use personally – is Gumroad. Gumroad is pretty straightforward and easy to use, in my opinion. Good luck!

  3. Love the article!

    I have to agree, for everyone who enjoys writing, blogging has to be one of the best things you can do. It can be about any topic you enjoy, it scratches the “itch” you have to write, and the more you do it the more your income ramps up. Besides, it has next to no startup costs so there is no harm in at least trying it. The only caveat is that it really does take a bit for you to start seeing results – so don’t get discouraged and quit prematurely.

    1. Hey Bitter to Richer!

      Thank you so much for your kind words 🙂
      You’re spot on – blogging is one of the best ways to earn money, with minimal startup costs, and virtually from the comfort of your home. As long as you know what you’re writing about and as long as you’re somewhat tech-oriented, you really can make money from your laptop!

      Keep up the great work that you’re doing!

      Cheers,

      Fiona

  4. Love the way you put complex matters in layman’s terms!

    Thank you and keep up the good work!

    P.S: please provide solutions for Canada too 🙂

    1. Hi GM!

      I’m so glad to hear you enjoyed reading this article! And I really appreciate your kind words 🙂
      Absolutely, I’ll make sure to incorporate solutions for Canada as well in my future articles.

      Cheers!

      Fiona

  5. Personally I’ve found that combining these passive income streams together is the best formula to build true wealth! Over the years as crypto, real estate, and other assets have grown… I’ve taken more and more serious consideration into making sure I have multiple different revenue streams being generated from multiple sources.

    Master, then diversify! Great article and I’m onward to read more, appreciate this….

    1. Hi Johnathan,

      Thank you so much for your kind words! I really appreciate it 🙂
      If the pandemic taught me anything, it’s that you can never rely on just 1 source of income (which typically is a primary job). This is the time to start branching out and diversifying income streams. Diversifying income streams really is one of the few ways to financial freedom.

      Onward and upward!

      Fiona

  6. My experience on the Twitter space in about the last 48 hours (5/5/2022 to 7/5/2022) has been one filled with connecting and very thrilling experience. First, I subscribed to @Save Your Sons University where I’m still having soul lifting moment. Considering my goal of stepping up my financial freedom this May, I stumbled on this article”Introduction to Financial Freedom” by @LTWealth who cited and recommended @Millennial Money Women in his article. @MMW, you’ve successfully heightened the tempo of my experience with this very engaging article. I’m already following @Create24/7 based on your recommendations. I wish to get his course “The Blueprint to build a 6 figure Twitter business” but currently being contrained by funds. I will be most delighted to get some concessions from you in that regard.

    Thanks and kind regards.

    1. Hi Geoffrey,

      Thank you so much for your kind words! I’m so happy to hear that you enjoy – and learn – from the many different personalities on Twitter. I truly believe that if you use Twitter correctly, the platform can completely change your life. There is so much information and so many people that are genuinely looking to help others. The “Create 24/7” course really did help me change my Twitter game. If you want to learn more about some of the strategies to really up your Twitter game, then you should check out my article “How to Make Money on Twitter.” But if you really want to learn more about the finer details, then consider the Create 24/7 course. It’s a game changer.

      Good luck to you!

      Fiona

  7. Powerful presentation, most of your model was styled around the Unitef States economy.
    How do people in africa, Nigeria for example who would want to benefit from these investment idea key in?.

    1. Hi Yakubu,

      You’re absolutely right: The majority of the multiple streams of income in this post are focused on the US economy.

      If you’re looking for specific examples of trading platforms or other alternative investment platforms for international countries, I would probably do a quick Google search to find some online recommendations. Another tip that I would suggest is to ask your local bank and see if they have any recommendations for you that might fit your financial profile and the country you live in.

      Hopefully this information helps!

      Fiona

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