How To Create Multiple Income Streams

The internet has allowed for the possibilities of jobs like becoming a blogger, YouTuber, and all sorts of digital work possible. The job market is so much more different than it has ever been 10 years ago. Not only are they real jobs but these people are happily working in their pajamas at home making money while the majority are stuck working in a cubicle they don’t enjoy. Even if you love your 9-5, the harsh reality is you’re always replaceable if you don’t have a valuable skill set. That’s why it’s VERY important to have multiple income streams.

While I can’t say I’m always the most financial savvy, I did learn some tips through my personal experiences on how to create extra income besides relying on one source of income. When I was working at my 9-5, I felt that I depended on my employer and lived paycheck to paycheck. If they wanted to fire me any given day, I would be toasted. However, when you have multiple sources of income, you can have control over your income and work. More importantly, it’s not about saving money but creating more. When you have the ability to have multiple sources of income, you are planting a seed to have it grow into something bigger.

In the process of making this blog post, I learned a few things myself on creating multiple sources of income so I’m super excited to share this with everyone!

Ask Yourself What You’re Passionate About

You might have a lot of passions that you love but you don’t act on it because they don’t make any income for you. However, that doesn’t have to be true! You just need to be strategic about creating an income with your passions. If you have a passion that is saturated in the market, niche down. For example, if you’re interested in blogging. You need to niche down to a specific topic you want to work in like fashion, finance, lifestyle, and etc. There is enough people in the world to have someone willing to work with you or buy your products/services but you need to make sure that what your offering is not too broad so you can focus on mastering your targeted group of audience.

Working Online Is Key

I can’t stress how important online work is these days. If you want to have another source of income then you need to look online for it. If you went out and looked for another in-person job, your time would be locked within the hours your employer gave you. With online work, you can work whenever you want and meet the deadlines in your spare time.

Do you have graphic design skills or do you speak two languages fluently? Find freelance work with your skills on Upwork, Contently, Fiverr, or become a virtual assistant at Vasumo. The best part is people who come on to these platforms are usually already looking for help and all you need to do is make sure you have all the qualities they’re looking for and just apply! I’ve personally been able to find freelance work through Upwork and Fiverr.

Do you have a passion for writing? Start a blog and monetize it. My blog is also one of the income streams that makes money for me. You can earn money through promoting sponsored posts, Google Adsense (but if you don’t have huge amounts of page views, don’t expect to earn much), as an affiliate for brands and earn a commission, product reviews, guest blogging, and so many more.

Do you want to sell products? Open an e-commerce store on Shopify and do drop shipping so you don’t have to have inventory. Try buying and reselling items on Amazon/Ebay. You can flip bargain items and turn them into profits. I personally don’t have any experience with this but know of a lot of people who has had great success with it.

Create A Digital Product

The best part about creating a digital product is that  you don’t ever have to worry about physical inventory and you can charge however much you want. A few digital products you can create can be a course, webinar, or consulting sessions in the niched topic you’re passionate. The chances are if you know how to do something with your skills, it’s likely others would want to learn it too. 

Invest Your Money

The point of investing your money is to have it create more for you. You can invest in stock apps like Robinhood or put money in 401k. It doesn’t always have to be about gaining more money, it can be gaining more personal growth too. You can invest in online courses or mentors that teach you how to get to where you want to be with your passions. You can invest in joining a community. I’m planning to join my local Toastmasters/Brewmeisters so I can improve my public speaking skills and a blogger community group so I can network with other bloggers. Just start investing in something today because it will only help you grow one way or another! The greatest investment you can make is yourself.

Bottom Line

These are just a few of my suggestions on how you could start earning extra income but there are so many opportunities out there depending on your skill level and income goals. Just remember that, you are growing a seed and with each income streams you are creating, it will take time.

“Money doesn’t grow on trees, but it does tend to multiply when you work hard. And with multiple streams of income, you’ll have your money working hard for you.“- Jeff Rose 

Thank you for reading! If you enjoyed reading this article, let me know how you are creating multiple streams of income. I’d love to hear about it!