6 Ways to Create Multiple Streams of Income

income streams

 

To achieve financial freedom, one cannot only depend on the earned income from his/her day job. One needs to create multiple streams of income, by tapping into the different channels of opportunities.

Let me share with you 6 main types of income streams that you can do in your spare time and from home:

1. Write your own books; create your own audio cds, e-books, video etc. Then earn royalties and fees from licensing or selling your intellectual products. Or “partner up” with an author and record their book for them and get royalties from that.

2. Conduct seminars and workshops so as to magnify your value by reaching to more people at one time. In this way, the money that you will earn from each workshop or seminar will not be fixed; it will all depend on how many people you are willing to reach. This should grow over time. Be sure to get people’s contact information so you can invite them back.

3. Start your own business. Earn dividends as an investor or directors of a business, earn salary as a CEO, and earn through royalties from the brand of a business.

Yes, this is something that WILL take time, but it’s worth it. Especially if it’s something you love doing! You can fund your new start up with your own money, or even look to investors or try a Kick Starter campaign.

4. Earn commissions from sales, or referrals. For e.g. through online affiliate programs, through downlines, Google Adsense, etc.

5. Earn through investment in real estate by collecting passive income from rental fees

6. Earn through investment in paper assets such as stocks, mutual funds, bonds, etc.

Numbers 5 & 6 do take initial investment. And to be successful takes time and a knowledge of markets, so resort to these options ONLY if you have a large appetite for risk.