Creating multiple income sources can help you reach financial independence which means reaching a state where you have enough income to live off for the rest of your life. Depending on your lifestyle and depending on your goals, how you get to financial independence differs from one person to the other. One might say they want to build as much savings as possible and live off of that. Another might want to get to a state to comfortably replace their 9-5 day job and do something else. And another might say I want to live what I’ve saved up and do something else, more of a hybrid approach. I like the hybrid approach because you kind of get the best of both. Whichever way you look at it, any option involves some sort of income. You need some financial income and here are a few I’m exploring to create multiple income sources.
Turn A Hobby Into A Business
- Are you handy at fixing things? Maybe you can install a ceiling fan, patch walls, paint, backsplash, or mount a tv. Try becoming a handy fixer.
- Do you have an interest in photography? Start a photography business.
- Do you like pets? Maybe you can become a pet sitter or start a pet grooming business.
- Do you like making crafts? Maybe you can make crafts and sell online.
Create A YouTube Channel
- Create video content on just about anything
- Become a vlogger
- Create a training course video
- Make fitness videos
- Create videos of your cooking
Create A Blog
- Write about anything that you’re interested in like Early Retirement
- Blog about traveling
- Blog about the latest tech gadgets
- Blog about cooking
- Blog just about anything!
- Are you an influencer who can sell someone else’s products?
- Start affiliated marketing and you can get a commission for every sale you refer. Amazon has an affiliate program that is known. If you are interested in affiliate marketing, try signing up
Collect Dividends and Interest
- Buy individual stocks that have dividend payouts. Many companies offer quarterly dividends. My stock portfolio that I earn dividends from, I usually re-invest them by buying more stocks so that the portfolio continues to grow and I can earn more dividends in the following quarter
- Put your money in a high interest savings account or CD with a bank such as Capitial One or Marcus by Goldman Sachs. As of July 13, the interest rates are 1.00% and 1.05% respectively
Real Estate Income
- Do you want to be a landlord and rent a property out?
- If you get into real estate, it’s a long term investment unless you have large initial capital. I wrote about my real estate investing experience as a potential income source
There are many other ways of establishing other income streams and these are just a few examples. Enjoy what you are doing and if you can make money from it, it won’t seem like a job. Creating multiple income sources can great opportunities for financial independence. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook.