The power of creating multiple income streams 8 ways to secure your future!
The rich all over the world have said that it is never sufficient to build income and lead a luxury life just with one source of income.
Multiple income streams are no longer a matter of luxury, rather they have become a necessity. This is the strategy I try to expand upon in my postings about entrepreneurship and mindset. In today's world, there is rising rate of unemployment and severe situations of job losses. Amidst this scenario, it becomes imperative to have multiple avenues of earning one's livelihood.
Moreover, if you are the only earning person on your family, then it becomes all the more difficult to lead a more financially secure life. All this makes it important that you have multiple income streams to support your family and at the same time save money for future.##
With various financial risks at hand, relying on just one job can be a bit dangerous. This is a much happier and better way than living paycheck to paycheck. In this article, I'll discuss some of the additional sources of income which will help you find more freedom in your life.
(1.) Affiliate marketing
It is one of the easiest ways to create an additional source of income. If you are interested in writing reviews, then you can choose a product and start with this. Also, you can write blogs and articles on various products and items of your choice. Thus, you can join affiliate marketing of your choice. You can also use YouTube for affiliate marketing, as it the best way to earn money these days.
(2.) Write an e-book
Another passive way of generating income is by writing an e-book on the topics of your interest. It is easy to create an e-book and then upload it on any of the online portals to sell it at good rates. Amazon has a section full of ebooks. Even ebooks that tell you how to sell ebooks.
Here is a link to show you what I mean.
I am an Amazon affiliate and believe in full disclosure. If you click on the link below and buy the ebook I do receive a very small compensation from Amazon and does not affect your price. This link works world wide. Where ever they have Amazon.
(3). Selling your products on the Internet
If you own a business, you can easily sell your products online at much higher rates. This would also serve as an additional source of income for you. Moreover, if you combine this idea with that of affiliate marketing you can sell your own products on your own website.
Amazon has a direct ship program and fulfillment by Amazon program (FBA)
eBay is an easy way to also sell and do arbitrage sales.
Craigslist is an easy way to start as well. You can sell things around the house or stuff sitting in storage.
Facebook also has local markets now.
There are also a number of drop ship ready made e-stores and others like Shopify and for creatives etsy.
(4.) Blogging
Blogging is the best way to earn money if you love writing and using computers. Many bloggers earn lots of money from the content they sell on their blogs. It is advised that you focus on your niche areas while blogging. This will help you earn more money.
Be sure to check out my other articles where I explain how niche blogging sites can earn $3,000 - $5,000 a month with some simple monetization methods.
There are many bloggers earning 5 and 6 figures a month.
(5). You can set up a store
Setting up a store both online and offline is very easy. Based on the kind of business you want to pursue, you can choose the type of store you are opening.
I am biased and recommend selling online over opening a store. The way consumer buying habits are changing this makes less sense but is still an option if you have enough traffic.
Some franchises may provide a viable option as long as you are able to hire staff to run it and not be a small business owner trapped in it.
Remember work on your businesses not in them.
(6). You can also create an online course
You can venture into this field if you have an aptitude towards teaching. You do not need to go to the institutes to take classes, rather, you can upload the classes online without much effort. Whenever you have time you can do this job.
Sites like teachable will host your courses and you can build a sales funnel using a webennar format to get people to enroll.
(7). Freelancing
If you are a versatile person and can do all kinds of work, then you can also choose to do freelancing. There are many websites which offer paid to freelance. Moreover, the advantage of this job is that you can do it from home also. Check out sites like Fiverr and Upwork.
Click the link and start freelancing today!
Here is a link to fiverr.com
Landing Page: http://track.fiverr.com/visit/?bta=20568&nci=5490
Full disclosure I use fiverr and am also an affiliate for them. If you use this link I will receive a small compensation that does not affect you. thank you for your support.
(8). Real estate earnings
Real estate is the best business these days. It also offers multiple income streams for you. You can rent your old house if any and earn a side income from the same. This does have the highest barrier of entry.
As your other income streams grow I recommend starting a real estate investment fund to buy properties that you have researched and found ones that fit your needs. You can also buy fractions of real estate now but I recommend you do your own due diligence and check out those programs.
Also as with any investment real estate can go up and down in value. I am not a realtor nor an investment broker. I am not giving investment advice.
These are some of the several multiple income streams you can choose to follow if you want to earn additional income. Remeber if you change your mindset you can reach financial understanding and freedom. Keeping in mind the extra costs involved in health risks and other lifestyle issues these days multiple income streams is very important. Also, there are plenty of benefits of having multiple income streams.
Change + Mindset = Freedom.
Legal Information
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Good money making techniques, I would also add cryptocurrency mining/investing.
Thanks, Glad you liked it. Yes, cryptocurrency mining/investing is a great option. I just do not know enough about it yet.
No prob, if you want some easy basic info for beginners, feel free to check out the two videos I made for beginners. You can view them on my Steemit or YouTube channel.
This has become more so over the past decades . No longer can we rely on retirement from working for a company .
good stuff here
Thanks
I know first hand how fast things can change. I was laid off 2 weeks before Christmas.
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