Create multiple sources of income

Personal Growth

Money is not everything in life, but it equipped us to enjoy the beautiful things of life which are generally not possible without money. No matter how much we convince ourselves that money cannot buy happiness, but the end we all agree that without money it is difficult to survive and thrive in life. Most of the people only depend upon their primary source of income such as salary or business income and generally remain vulnerable to market ups and downs. However, there are some other people who depend on multiple source of income.

Earning in millions from one source of income is very much unusual. It is not wise to focus on one job or self-employed business for earning in millions. If want to enjoy the beautiful things in life by being rich, you should create a multiple source of income. The multiple sources of income are formed by diverse kinds of work options like a part-time job or business, developing passive sources of income, or portfolio investment. Here are some of the strategies that you may find useful to create multiple source of income.

Active Income

Active income is a reward of performing services or trading your time. Your active participation is essential for getting income through the source of active income. While doing your job you can also increase your income by engaging yourself in some other active works. You can increase your active income by identifying what you are good at and figure out how you can monetize it. Here are a few tips that may help you to increase your income:

Do part time work: You can generate a new source of income by utilizing your expertise in a part time work.

Leverage your subject expertise: If you have sound knowledge in any particular subject, you can give guest lecture at colleges or offer tuition services.

Freelancing: If you are passionate about graphic designing, web developing, creative writing, you can take freelance project and increase your income.

Run business: If you can make candles, chocolate, you can sell it online and see how it grows. You can also do some trading business part time to increase your active income.

Passive Income

Passive income is a source of income where you invest effort once, and keep reaping benefits consistently in future without trading your time and services. Passive income is the best way to increase the multiple source of income. Here are some of the ways you may like to increase your passive income:

Start a blog: Starting a blog does not require heavy investment. If you are passionate about writing, you can set up your own blog and earn through ad display on your website pages. Consistency is the key to earn more through blog.

Make YouTube Video: Start a YouTube blog and monetize them once you have the traffic for a good passive income.

Establish information product: An e-book, audio course, DVD once established and up for sale, you start getting income while going through other things in your life.

Real estate investment: It is one of the most popular sources of passive income. Investing in the real estate can give you a good return if market situations and your financial status are in your favour.

Rent a property: If you have property to rent, you can earn good amount as a passive income.

Portfolio Income

The income you earn through your investment is known as portfolio income. It is good to diversify your investment to guard yourself from the unexpected turns of market situation. Portfolio income is about selling your stocks at a profit in your stock portfolio.

Equity investment: Keeping your saving into the bank account does not yield good returns. You can invest in mutual funds, shares, SIPs, or any other schemes after consulting financial advisers. Investing in dividend-yielding stocks can help you to receive payment at regular intervals from the profits of the company. The trick lies in choosing the right stocks.

To conclude, to have a multiple sources of income is a luxury and to obtain it you should always strive to add value. The more value you would be able to provide to someone or some companies, the more money you can make in return. Respect your money by spending low, diversifying your investment to get a consistent income from different sources; you would not suffer a financial trouble in life. Surviving from a single source of income is tough these days, so you should strive to figure out the ways to keep in increasing multiple source of income and have the privilege to live life to the fullest.