How to Create Multiple Income Streams
[This article was written by Dana Oliver.]
In the modern workforce, the average salary can no longer support a household. Multiple income streams, then, have become the norm. But, creating these streams is not always simple nor easy if you have no idea where to even begin.
So, what can you do in order to create a number of different income streams for yourself in 2018?
Having a savings account is all well and good, but it doesn’t do much at the end of the day. Investing your money, whether it brings rewards or not, is the only way to gain grow it without much involvement from you.
You could try something more passive such as index funds. This is a pre-constructed portfolio which offers broad market exposure, without having to worry yourself about what stocks to invest in exactly. All you have to do is invest and sit back, though this might not create a high turnover it must be said.
For someone who wants to be a little more involved in their portfolio, you could buy dividend stocks. This can produce a higher profit, but it also comes with a much bigger risk. Your capital is not secure and this is necessary to understand at every point of investment.
Becoming a YouTuber
Have you ever dreamt of a life on camera? Do you have an Instagram following you could convert to YouTube? Or do you simply fancy giving it a go? Then vlogging may be the income stream for you.
The fact is that – thanks to advertising – you can make a pretty penny when it comes to creating your very own video content. Just make sure you have buckets of personality and something interesting to say in order to draw an audience in first and foremost.
Every company and their pet pooch has an app these days. Why? Because they are an incredibly lucrative income source of income. If you create a good one at least.
If you don’t fancy yourself a tech wizard, then you can always invest in mobile app development and simply earn the money back from the investment due to the higher-quality of the app.
Do you run a blog? Or an active website that brings traffic each and every month? Then you may be able to make money as an affiliate marketer. This is where you include links to a vendors products on your blog, if a visitor to your site were to click on a link and buy the product then you would earn money as a result.
There is even a chance you can earn money by promoting or advertising a certain product, so it’s always a good idea to have a specific advertising page for this.
You could also try this by buying an already established blog. For example, a blog that earns $100 a year in affiliate marketing will likely sell for double its yearly income. So, $2,400 in this case. For this, you can earn yourself an extra $1,200 a year. And if you choose to revamp the site and improve the content, you could even improve the overall income each month – easily earning your money back on the initial investment in a year or two.
Write a Book
No, really. Do you feel like you have a bestseller lurking in your fingers? Then why not start tapping and finally bring it to life? With the self-publishing mechanic of Amazon being fairly self-explanatory, it can be easy for you to make money while you go about your normal life.
If it’s particularly good, it could open the door to you becoming a more traditionally published author as well. Grow a following – a guaranteed audience of buyers – and a publisher may find you a much more publishable prospect.
Sell Stuff Online
Do you have lots of old stuff lying around your home? But, not really anywhere to put them or any use at all for them really? Then you can certainly make a profit from selling them online.
If you are into gaming, reading books or anything of the collecting sort then you could be sitting on a treasure trove. Although if you are particularly attached to your possessions this can be a lot easier said than done.
You could always try the practice of ‘flipping’. Buying objects cheaply at local markets and boot sales, whilst then moving on to sell them for considerably more online to make a profit. This is more time intensive, but it means you get to keep a hold of your own favorite bits and pieces!
At the end of the day, an extra income stream can be invaluable to a good lifestyle for you and your family. You could choose one or more of these ideas to get started on this or do something else that brings about the same result.
Dana Oliver is a freelance writer in the business and tech niche, promoting the hiring of more women in the tech sector. She covers topics including mobile app development, social media marketing and freelancing.
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