How to create multiple streams of income
Rumor has it that the average millionaire has seven streams of income.
Whether you want to admit it or not, your job will probably never pay you what you’re worth. Realistically, it wouldn’t be in their best interest if they did. So, it’s up to you to do what’s in your best interest: create multiple streams of income. Bringing in more money than you spend, will allow you the opportunity to save and invest more money.
So, if the average millionaire has seven streams and you only have 1 chances are you won’t be making a million dollars anytime soon. In order to get a little closer to your financial goals, you can add new streams of income. The beautiful thing is, you can get paid to do almost anything these days. From creating powerpoint presentations to touring new hotels, people will pay you for doing things you actually enjoy. And whether or not you have aspirations to become an entrepreneur or not, you can absolutely create new income streams to lighten the load.
So where should you begin in creating multiple streams of income? Start with what you love.
If you have a passion for dogs, you can start a dog sitting business. Love books? Start a blog with your book recommendations. Interested in lip gloss? Create your own lip gloss collection or blog about your favorite brands. There is literally a way to get paid for doing whatever you want.
The common denominator between all side hustles is that they require you to sell something. Salesman or not, you have to have a product, service or platform from which to profit:
#1 Sell yourself
Whether you realize it or not, you are already equipped with so many skills that you can sell! There are tons of online marketplaces for service providers that will allow you to make money such as Upwork and Fiverr.
#2 Sell your stuff
You probably have thousands of dollars laying around the house in the form of old stuff you don’t use anymore. Spend some time cleaning out your closets, basement, storage unit and garage and start selling them on eBay, Etsy, Offer Up, Tradesy or Facebook marketplace.
#3 Sell your expertise
All that knowledge you’ve been banking at your 9-5 should still be paying you when you’re off the clock! You can coach, tutor, consult, or teach based on your expertise and experience. This is the information age and people will absolutely pay you for what you know.
#4 Sell your thoughts
Believe it or not, there are tons of authors and bloggers who are making big bucks by selling their thoughts. If you have a strong opinion or a compelling story, starting a blog or writing book is a great way to make money doing what you love.
#5 Sell in your sleep
The ultimate goal is to make money without working for it, right? Well the only way you’ll be able to make money while you sleep is through online sales. Setup an ecommerce site using BigCartel, WooCommerce or Shopify to start your own shop.