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‎The Courtney Sanders Podcast: BONUS: How To Create Multiple Streams of Income While Working a 9-5 Job on Apple Podcasts

multiple streams of income

Unfortunately, it can be financially devastating when a spouse – and especially a primary breadwinner – loses their life while their family is still young. During my first year as a financial advisor, I got a small base salary. After that, it was up to me to figure out how to find and retain new clients. Fortunately, I quickly learned how to market myself, meet new people, and set myself up for success.

How can I get 10000 dollars right now?

  • Get a New Bank Account.
  • Open a Credit Card.
  • Transfer Funds to a New Brokerage Account.
  • Invest in Real Estate (Roofstock, Fundrise, etc.)
  • Rent Out Your Home Space.
  • Teach Your Skills Privately.
  • Sell Unwanted Jewelry.
  • Sell Your Stuff.

I spend as much time checking out the services other people are offering to see if it’s anything I could get involved with as I do looking for jobs personally. Purchasing a rental property is another common way that individual generate an income stream. It is very similar to investing, in that you take a sum of multiple streams of income money to purchase the property, and the property returns a cash flow – rent. At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. Any investing information provided on this page is for educational purposes only.

What Makes for a Great Source of Extra Income

Some people have turned it into a side business of sorts, earning quite a bit of passive income. Indeed, one 22-year-old student in Toronto managed to develop a mini-fleet of four luxury cars.

  • Once it gets really good then start bringing in the next idea because now you have the skills and the talent and the experience to do the same thing – to duplicate the success.
  • But the important thing to remember here is that it all started with this blog.
  • Getting a second job isn’t going to qualify as a passive income stream because you’ll still need to show up and do the work to get paid.
  • As an example, if you’re not a fan of recent stock market volatility, then investing in fine wine could be a good option.

If you have a property to rent or the money to invest in a rental property, you make a generous monthly income without doing a huge amount of work. This is the most common income stream that you get from working a physical job, a remote job, or freelancing – anything where you are trading your time for money. When you’re relying on one income source, your finances are always at some kind of risk. For example, when an industry dies out, like when streaming services made video stores redundant, anybody relying on that income is left in a very difficult situation. Robert G. Allen ’s first book, Nothing Down, sold more than one million copies, becoming the largest-selling real-estate investment book in history. A successful entrepreneur and seminar leader, he has an MBA from Brigham Young University. He is a popular guest on radio and TV programs, and has been featured in many national magazines.

BONUS: How To Create Multiple Streams of Income While Working a 9-5 Job

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. The orange line, representing private REITs, illustrates that REITs like those found in Fundrise offer more consistent returns than stocks do. In general, REITs are a pretty illiquid investment, which means your money likely will be tied up for longer periods of time. Businesses, designers, publishers, and marketers are always looking for images to use in their content. Although pictures depicting people tend to be the most popular, there’s a demand for all kinds of photos. You can shoot food, nature, sports events, concerts, parties, street photography, and anything else.

  • Paying off debt can be difficult, especially when you have multiple types, like credit card debt, mortgage, or vehicle loans.
  • Overall, I consider angel investing extremely risky and I would never put a large percentage of my holdings in any one company.
  • Finally, another way to generate somewhat active yet primarily passive income is by joining the “sharing economy” and renting your assets.
  • You see, various companies will actually pay you to sit down at your computer and answer survey questions from the comfort of your own home.
  • You can work on your own time, and all you need is a laptop and a reliable internet connection.

Since the income from investments is planned for the future, only use money that you will not need now. Work out your budget, and only invest money that’s left over after you have paid any outstanding debt and have set aside a couple of month’s income in case of an emergency. When considering ways to earn an extra stream of income, taking a second job may be an obvious first choice. However, employment is not the only way to earn additional income. S your plan to buckle down and work hard to pay off your debt and hopefully make a decent living?

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