13 ways to create multiple sources of income
The prospect of having multiple sources of income is undoubtedly enticing, but turning your money into more money is a tricky and daring undertaking to pursue. However, entrepreneurs, financial advisors, and business moguls alike maintain that with patience, persistence, and innovation, anyone can master the art of wealth building. If you’re interested in earning more cash while keeping your day job, below are some ways you can build wealth without compromising your career or adopting an unhealthy work-life balance.
Create A YouTube Channel
Social media influencers are often mocked, but the power of having a strong online presence is not to be underestimated. With YouTube, creators can express themselves while making a quick buck. In other words, thanks to AdSense, online influencers can monetize their content. In essence, for every view that your video receives, you have the potential to make money.
The more engaging your videos are, the more likely you are to earn a substantial income. Contrary to popular belief, being a YouTuber isn’t as simple as uploading a haphazardly edited video. Viewers want captivating, eccentric, and even informational content that allows them to escape from reality. If you wish to embark on this endeavor, these are critical elements to bear in mind as you create videos for the masses.
Start A Blog
While blogging has long been considered a mindless hobby, many are discovering that this pastime can reap financial benefits. The beauty of blogging is that there isn’t a one-size-fits-all approach. Some choose to use their blog as a digital diary. Others wish to discuss their passions with like-minded audiences.
Whatever you decide, make sure that you’re authentic, consistent with your uploads, and eager for feedback. These are the key ingredients to a successful blog, and the more traction you receive, the better your chances are of becoming an affiliate marketer. Simply put, an affiliate marketer is someone who promotes a brand’s products or services, so if your blog is performing well, more companies will be keen to work with you.
Resell Products On Amazon
Much like its name suggests, reselling on Amazon consists of advertising products on this e-commerce platform. To make a profit, resellers tend to purchase goods in bulk. This practice was so sought-after that in 2010, resellers single-handedly took over the Amazon marketplace. While reselling products on Amazon sounds simple enough, you don’t want to make the resale value too low. Not only will this hurt your profits, but it’ll also make consumers suspicious. If a deal seems too good to be true, people generally wonder what the catch is. With that in mind, price your items reasonably.
Etsy is a beloved e-commerce website where online shopping meets personal creativity. Offering an extensive collection of handmade items, Etsy makes it possible for sellers to display their artistic abilities, gain clients, and increase revenue. The most intriguing aspect of Etsy is that it appeals to an assortment of buyers. Whether you make vintage jewelry, personalized picture frames, or home decor, Etsy attracts a wide variety of shoppers. It’s for this reason why Etsy is the ideal place for individual sellers. Simply put, on Etsy, you can flex your creative muscles, establish a clientele, and find a rewarding side hustle.
Whether you love it or loathe it, there’s no denying that social media is king. It’s this irrefutable truth that has inspired so many to gain a following on these platforms. From Twitter and Instagram to Facebook and TikTok, there are so many digital domains where you can showcase your talents. Much like YouTube, the more support you receive, the more brands will want to collaborate with you. If you find success in the social media stratosphere, companies will pay you the big bucks to sell their products and services to your audience. A look into how popular influencer marketing has become highlights the possibilities that social media offers.
Unleash Your Inner Entrepreneur
The most obvious way to create another stream of income is to start your own business. With a sensible strategy and some savvy investing, you can fill a void in the ever-expanding marketplace. Consumers are always looking for the next best thing, and though your idea may seem far-fetched, you never know when a novel concept can breed enduring wealth. After all, I’m sure the masterminds behind Snuggie, Chia Pet, and Reddit never thought they’d take the world by storm. Yet, in a stunning turn of events, their newfangled notions helped them generate generational wealth.
Fiverr is an online marketplace for ambitious freelancers. This platform takes a modern approach to business, encouraging freelancers to unveil their unique gifts to customers worldwide. Like most, you might be thinking that websites like Fiverr are already saturated with eager entrepreneurs who will inevitably outperform you. Fortunately, Fiverr is always welcoming new talent, and there’s no shortage of skills they won’t accept. For instance, you can sing show tunes, provide fitness lessons, and offer tarot readings on Fiverr. With that said, as unusual as your expertise may seem, Fiverr will embrace and market it.
Become A Contractor
Being an independent contractor promises many perks. Not only are companies willing to pay more for your specialties because they don’t come with employee expenses, but being a contractor also lets you set your own price. The more competitive your rates are, the more work you’ll receive. Above all else, if you yearn for independence, becoming a contractor will appeal to you. Autonomy is the hallmark of this line of work, so if you want to make more money while satisfying your individual needs, this profession will be right up your alley.
Start A Retirement Fund
With a 401(k) plan, you can set yourself up for financial stability, acquire capital as you age, and put forth little effort while accomplishing both. Though you’ll have to make contributions over the years, you’ll have exceptionally deep pockets by the time you’re ready to retire. For an optimal outcome, familiarize yourself with this form of investing. In some cases, your employer may match your contributions. If they don’t, a Roth IRA might prove more beneficial. The takeaway here is that when you invest in yourself, a steady flow of income is promised for years to come.
The stock market, while fickle, presents an excellent opportunity to maximize income, build wealth, and safeguard your money from inflation. Seasoned investors are fond of index funds because there’s minimal buying and selling involved. This strategy is known as passive investing, and it’s a tried-and-true approach that some regard as less risky. If you pursue this type of passive investing, rest assured that you won’t have to concern yourself with rebalancing your portfolio, selecting investments, or buying and selling at the right time.
Buying real estate is the gift that keeps on giving. Those who purchase property have a world of possibilities at their disposal, and no matter what you decide, it’ll pay dividends. Some investors have found such success on this front that their income comes solely from renters. In other words, all they have to do to make a living is maintain the property they bought. With the funds that they receive from their tenants, they lead a comfortable, cushy life.
Invest In REITs
Better known as real estate investment trusts, REITs are described as mutual funds that require little involvement from you. Essentially, professionals oversee the fund, taking the stress and hassle out of these affairs. Wealth building and REITs go hand in hand, which is why many prefer them to stocks, bonds, and bank investments. Best of all, you can sell your interest in a REIT whenever you want, placing the ball entirely in your court. Most importantly, REITs are more liquid than owning real estate, so if you aren’t ready to pull the trigger on buying property, investing in a REIT is a great starting point.
Build An App
These days, there’s an app for everything. Even still, there’s always a high demand for simplified mobile navigation. Applications make people’s lives easier, which is why these nifty implements are so desired. Though you’ll need some technical expertise to bring your app to life, if your idea fulfills a want or need, it’ll naturally catch on. If you build an application, make ongoing adjustments and enhancements so that consumers won’t lose interest.
Earning Passive Income Is An Option For All
Creating multiple sources of income doesn’t require reinventing the wheel. In fact, you can promote generational wealth and financial security with something as trivial as a blog post. Using the above ideas, you can find revolutionary ways to make more while doing less.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.