If you only have 1 income stream, you’ll never be truly wealthy.
1. 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 don’t fall for stocks that offer excessive dividends.
Do your research before you invest.
2. 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.
3. Side Hustle Income
While you work a 9-5, build a side hustle to earn extra cash.
– Teach a skill
– Provide a service
– Create & sell products
Take a few hours every day to become a sidepreneur.
4. Interest Income
Make money from interest income from assets like:
– Savings accounts
You make passive interest income over the long term.
Royalties are a passive income stream you can earn YEARS into the future.
You can make passive $$$ with royalties by:
– Writing eBooks
– Creating a patent
– Developing content
6. 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.
7. Capital Gains
Invest in appreciating assets that will gain value over time.
– Real estate
– Classic cars
Buy and hold for the long term to make more money.