The biggest risk is living on 1 income stream.
Here are 7 streams you can start building today:
Here are 7 streams you can start building today:
1. Rental Income
Buy a property and convert it to a rental property.
Find the right renters and start collecting monthly passive income.
While you earn extra cash, your property will also likely appreciate in value.
Win-Win.
Buy a property and convert it to a rental property.
Find the right renters and start collecting monthly passive income.
While you earn extra cash, your property will also likely appreciate in value.
Win-Win.
2. Business Income
If you want to stack the odds in your favor, then become a business owner.
In fact, 88% of millionaires are self-made entrepreneurs.
Build a business on your own.
Put in the energy and time.
Be consistent with your efforts.
If you want to stack the odds in your favor, then become a business owner.
In fact, 88% of millionaires are self-made entrepreneurs.
Build a business on your own.
Put in the energy and time.
Be consistent with your efforts.
3. Side Hustle Income
While you work on your 9-5 job, build a side hustle to earn extra cash.
You could:
- Teach a skill
- Develop an online community
- Start a house cleaning business
Take a few hours every day to become a sidepreneur.
While you work on your 9-5 job, build a side hustle to earn extra cash.
You could:
- Teach a skill
- Develop an online community
- Start a house cleaning business
Take a few hours every day to become a sidepreneur.
4. Dividend Income
Invest in dividend generating stocks to earn extra cash.
Most often, dividends are a pretty stable form of income, even during a recession.
But donβt fall for dividend traps, where stocks offer excessive dividendsβ¦ so do your research before you invest.
Invest in dividend generating stocks to earn extra cash.
Most often, dividends are a pretty stable form of income, even during a recession.
But donβt fall for dividend traps, where stocks offer excessive dividendsβ¦ so do your research before you invest.
5. Interest Income
Make money from interest income from assets like:
- Bonds
- Savings accounts
You make passive interest income over the long term.
Make money from interest income from assets like:
- Bonds
- Savings accounts
You make passive interest income over the long term.
6. Royalties
Royalties are a passive income stream you can earn YEARS into the future.
You can make passive $$$ with royalties by:
- Writing a song
- Creating a patent
- Publishing a book
- Developing content
Royalties are a passive income stream you can earn YEARS into the future.
You can make passive $$$ with royalties by:
- Writing a song
- Creating a patent
- Publishing a book
- Developing content
7. Capital Gains
Invest in appreciating assets that will gain value over time.
Examples include:
- Fine art
- Real estate
- Classic cars
- Collectibles
Buy & hold for the long term to make money.
Invest in appreciating assets that will gain value over time.
Examples include:
- Fine art
- Real estate
- Classic cars
- Collectibles
Buy & hold for the long term to make money.
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