How to Have Multiple Streams of Income

It's great that you have a consistent wage from your 9 to 5 job.

But you know deep down that you've always desired more. More money is needed. More liberty. More adaptability. So you make the decision that now is the time to act.

This article delves into different ways to earn passive money while working full-time. As a result, you can finally have everything you've ever wanted.

There are seven potential streams of income:

Earned income - money from a full-time job

Profit income - money from side hustle or product

Dividend income - money earned from investing

Interest income - money earned from saving

Rental income - money earned from real estate investments

Capital gains - money earned from the stock market

Royalty income - money made off a piece of work sold to another company

And all the Multiple Streams of Income covered in this article will fall into these categories.

1. Open a Dropshipping Business

Dropshipping is one of the most lucrative passive income opportunities available online. It's a wonderful place to start, especially since there are tools like AliDropship, which specialize in dropshipping. This tool integrates with your WordPress site which you would have to get Domain and hosting from BlueHost.

Dropshipping allows you to identify popular products with AliDropship and sell them online to clients all over the world. From fashion to home décor to beauty, you can offer products in a variety of dropshipping areas.

The beauty of dropshipping is that you can start your own business and set your own prices for the products. Dropshipping is, in fact, the passive income option on this list that gives you the most control over your money.

You can sign up for Shopify right now to begin dropshipping. After you've set up your online store, you can use Oberlo to identify high-quality items to sell.

2. Start a blog

Blogging is by far the most common kind of passive income. Affiliate links, courses, sponsored posts, products, book sales, and more have all helped many businesses make passive income from blogging.

It's true that creating a good blog takes a lot of effort upfront. However, organic and social traffic, as well as creating an email list, are two of the most sustainable strategies to build an audience.

The best part about starting a blog is that you can use it to generate multiple streams of revenue. So, if you're seeking a simple way to generate passive money, blogging might be the way to go.

You can start a blog now by getting Domain and Hosting from BlueHost, and then building a simple yet effective blog with WordPress.

3. Make a Course

One of the top passive income ideas for 2021 is selling online courses.

That's because course creators are still witnessing enormous sales growth. Customers would want to discover your insider tips and methods whether you sell a course on your own website or on a platform like Udemy.

Selling your course on your website can help you control how much passive money you make if you've followed suggestion number two and created your own audience. It's up to you to find your customers.

If you sell on services like Udemy, this will be a little easier, but your course may be significantly reduced at times. This will have an impact on the amount of passive income you generate.

4. Influencer Marketing

If you're a big fan of Social Media like Tiktok, you might consider turning your scrolling time into posting time to help you boost your passive income. We recommend Tiktok because it’s easier to grow on the platform unlike Instagram, Twitter, etc.

The best part about Tiktok is that you can make fan pages for just about anything. Whether you enjoy travel, fashion, cosmetics, home décor, or something more unusual like outlandish dog grooming, there's something for everyone... you'll find a devoted following.

The key to gaining a large number of followers is to share consistently high-quality content. So make sure to stick to one area so that your followers know they can expect you to give more of the same.

Make sure to include your email address in your bio. Sponsored post requests will increase as your account grows, allowing you to generate money on the platform. People will contact you if your posts have a lot of engagement, so make sure to post intriguing stuff.

Now, about Influencing proper, you can get started with platforms like Tokfluencer; which connect influencers with brands to work with.

5. Invest in Stocks

When it comes to the world's wealthiest people, it's reasonable to conclude that stocks have played a significant role in their opulent bank balances.

While stock investing is a somewhat passive activity, the research that goes into it is not. Warren Buffett reads 500 pages per day, but it's not a typical mystery novel. Nope. He reviews yearly reports from companies. He gains a better understanding of whether or not a corporation is operating well by reading annual reports every day, which helps him enhance his ability to invest in stocks.

Stock investing can help you generate a passive income that far outweighs the value of your 9-to-5 work. So, if you enjoy reading about the performance of other businesses, consider this passive income option.

You can start investing in stocks now with the Capital App.

6. Rent out Properties (Real Estate Investing)

Real estate can be a wonderful way to create passive income depending on where you buy and when you buy.

By purchasing pre-construction condominiums, you may be able to find some lower-cost properties that will appreciate in value by the time it is completed, allowing you to sell the property for a profit once it is completed.

It can be hazardous, as with any investment, so if you're new to the game, chat with a real estate agent to assist you to find the ideal investment property.

7. Create Your Own Website

Building your own website might provide a steady stream of revenue.

Some people set up marketing agencies and hire freelancers to do the task. Others, such as a couple of the entrepreneurs on our list, develop online courses to share their expertise and educate others. You can also sell things online, whether they are digital or tangible. Are you new to selling on the internet? Here are some suggestions for what to sell online.

Building your own website, on the other hand, gives you greater control over what you sell and how much money you generate. It's one of the finest starter passive income ideas because there are numerous tools available to assist you in building a website (no coding required). The number one platform that lets you do this is, Weebly.

Weebly lets you build websites, using simple drag-and-drop tools; without any coding required. So, it’s the best platform to get started, building websites as a beginner.

8. Affiliate Marketing

Affiliate marketing is one of the most profitable ways to earn money online today. The good news is that almost every major brand has an affiliate program, which means you can sell some pretty popular items and make some money.

The only major disadvantage is that you only get a percentage of the sale as a commission. Some affiliate networks, like ShareAsale, allow you to earn up to hundreds and thousands of dollars in commission, which is a good amount of money.

So, get started with ShareAsale Affiliate Network and partner with top brands, and earn commissions. This affiliate network is among the best and is pretty easy to get accepted into the program, unlike many others.

The most cost-effective way to earn recurring affiliate commissions is through blogging without spending money on ads.

9. Make money with your photography

While becoming a photographer may appear to be a lucrative business, it is not. Photographers get paid for more than just shooting pictures. They also sell them.

Stock picture sites Like PhotoJobz and DepositPhotos, are all methods to make a lot of money in the photography business. To get started, all you need is a good camera from Amazon.

However, you can now use your phone to take images and sell them to earn money on the side. You might even take high-quality product photos and sell them to eCommerce businesses. To get started, all you'll need is a solid knowledge about monetizing photography, a smartphone, and some inspiration.

Read this blog, to learn how to get paid to take pictures.

10. Make and Sell eBooks

Ebooks exploded onto the scene in 2009 and 2010 and have remained a hugely popular content medium ever since. Even though they first gained popularity a few years ago, there are still a significant number of people who make a living writing ebook.

It is, without a doubt, a fiercely competitive market. However, if your writing skills are exceptional, you may be able to take home a sizable portion of the income. You may establish a dedicated readership by writing how-to ebooks on popular topics and marketing them.

You can start creating your own eBooks with software like Sqribble. Sqribble is a cloud-based tool that allows you to create eBooks (reports, whitepapers, etc.) in seconds. It uses ready-made templates and it helps you design your book at a low cost.

Summary

Passive income can significantly boost your wages and fill in the gaps that your 9-to-5 job cannot. The passive income ideas on this list can assist you in replacing your 9-to-5 income so that you can quit your work.

It's also fine if you enjoy your full-time job. When combined with a 9 to 5 job, the work involved in obtaining passive income is usually reasonable. You can, in fact, do both.

You'll find that there's money to be made in all of these sectors, whether you want to start a dropshipping store, build your own agency, or develop valuable content. All you have to do now is begin.

So there you have it, Multiple Streams of Income Ideas. Now, you can go ahead and set up for yourself Multiple Streams of Income.

Make sure to DOWNLOAD OUR FREE PDF explaining further how to monetize your photography, as well as many other free PDFs to help you make money online worth $1000+! CLICK THIS LINK TO ACCESS THEM.

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