You’d think Income Streams were like rocket science considering the majority of people live their entire lives without them and are near clueless about how to achieve generating more than one. Generating income streams can have a major impact on your finances and don’t have to be complicated.
We’ve all heard about diversifying our investment portfolio but it’s just as important to diversify our income streams yet we hear little about how to go about it.
Just $1,500 extra a month can be a significant value.
- Savings account: To earn $1,500 a month ($18,000 per year) in a savings account at 4%, you would need to save $450,000!
- Investment account: To earn $18,000 from investments at 10%, you would need to invest $180,000.
- Employment: For most, to get $18,000 in raises would take several years of dedicated service to your employer.
- Financial Freedom: Extra income of $1,500 per month could cover car payments, help pay down credit card debt, or cover some or even all of a mortgage payment.
Even small amounts of extra income can really make an impact long term.
When assessing what can be done to generate multiple income streams it’s important to consider these factors.
I’ve listed 4 types of income streams to help you categorize what the best income streams to look for are:
- Leveraged Income- this kind of income can create the scalability one needs that promises bigger growth potential with substantial amounts of income and likely in larger chunks.
- Recurring Income- Flexible and sustainable. This type of income will reduce time for dollars ‘rat-race’ exchange and instead pay you a monthly income consistently which provides for less work and income you can rely on as long as you continue providing whatever your customers are paying you the monthly fee for.
- Passive Income-this is the kind of income we all dream about. It’s that income that pays even after the work is done and is also known as residual income or royalties.
- Active Income- the income we exchange hours for dollars is considered active income and is the most popular income because we’ve all experienced this kind of income at a 9 to 5 job at some point in our lives. However, this income can be brought in to your bank account by providing a service of some kind outside of a JOB.
So now let’s talk about about the ‘HOW’ to get extra income streams flowing into our lives. Let me first suggest that you’ll want to choose something that fits your interests and personality. You may have certain skills, training and education that will dictate what’s best for you. So while this is not one size fits all, here are 7 extra income ideas to consider:
Multiple Income stream ideas are listed below:
- Provide a service: whether you are trained in a certain area or you have a hobby that has awarded you the right to share your ‘how-to’ knowledge this can easily be shared and happily purchased when you find your hungry buyers online through a blog.
- Virtual Assistant: this is one of the fastest growing self-employed businesses out there right now because of the growing NEED for individuals starting businesses right now that are requiring your assistance and expertise. You could easily make $20-60 an hour helping others with their small businesses online.
- Membership site: this is a way to create the recurring income I mentioned earlier by setting up a paid service online that others will pay you monthly fees for while you provide information in your industry of expertise or interest. Check out MoxieTalk.com for an example of a membership site.
- Information Product: Creating an information product that is needed and that people are already buying is a great way to make yourself a passive income product. Just package, market and sell it online while having it delivered via automation by the web. Whether you love pets and know how to groom them and want to make a profit solving a pet owners pesky problem with house training or you are a teacher and want to sell lesson plans online to teachers that need ideas & want to save time….you just find your niche and hungry buyers and start creating that income stream.
- Affiliate Programs: Another way to create an income stream is to sell other peoples services or products. You can begin to sell programs or services by grabbing what is called ‘affiliate codes’ that others provide you and make commission from selling other people’s ‘stuff’ using online social media.
- Social Media Management: This is a great way to create an extra $1,000-10,000 a month by managing small business and medium sized businesses social media marketing. All you need to do is understand social media and know how to set up accounts, build relationships online and begin tweeting and posting away to bring buyers to your customers blogs and businesses. You’d be surprised how many businesses are out there desperately needing this service but don’t know where to look and how it works. You could probably find a few accounts to service within a week or less if you tried hard enough.
- Group Coaching- If you’ve got a talent or skill and would like to teach it in a group environment to make more bang for your buck you need to consider leveraging your time and holding a live workshop or even an online seminar that can create a chunk of cash fast after you get that hungry group together. Just think, if you charged $50 and sold 20 tickets you worked one day to teach the class and made a cool $1,000.00.
If you are interested in learning a few necessary online skills that to get your new income stream generation going fast and strong you may want to sign up for this online class on WordPress that starts February 18th. Go here to sign up now=======> WordPress Class