Everyone who’s been seeking to increase their income has probably come across the concept of developing multiple streams of income.
This idea isn’t new – in fact, it’s been a practice of businessmen for hundreds of years, maybe even thousands. The truth is, you should never put all of your eggs in one basket, so to speak; you need to be able to build an income net that has fail-safes in place.
With the world economy on its last legs, or so it seems, you should do all you can to prepare for whatever hardships you encounter now and in the future.
1. Launch your own business.
If you want to have an unlimited income potential, there’s no better way to go about it than starting your very own business.
The first thing you have to do is think about what you’re good at, then what you like to do, and somehow combine those two concepts into a business model.
For instance, if you like working with customers, creating things, and selling products (i.e., retail), then you might consider an online eCommerce store or an Etsy shop. Obviously, you’ll want to reduce your overhead as much as possible, but that’s the concept.
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Then, you can market your business on social media and Google, and perhaps even locally if your business model supports it.
Having your own business gives you FULL control of earning your own income on your own terms.
2. Work at a part-time job in the evenings.
Many people who own their own business, no matter how successful, take on small part-time jobs that only demand a few hours a day of their precious time. For solopreneurs and freelancers, this is ideal – if you can find a job that pays around $13 to $15 per hour and work 4-5 hours every night during the week, you’re going to net around $1,000 a month.
3. Give private lessons or coaching.
If you have a particular talent or skill that others want to learn, it benefits you to spend a few hours each week with students or clients. This not only builds your professional resume, but it also helps you learn to work with other people.
For instance, I have played the trumpet since I was in third grade. I played professionally as a U.S. Marine in “The Commandant’s Own”. I have a music degree, but I run a marketing company.
Why wouldn’t I want to earn a bit of money on the side sharing my knowledge? I do exactly this, and have a few trumpet students that I teach every week. I charge them $25 per lesson for 30 minutes of my time, so with four students that’s $100 each week, or $400 per month.
If you learn how to become a business consultant, life coach, or another kind of advisor, you can charge WAY more for your time because your expertise will inevitably help your clients earn more money and get a return on investment.
We’re talking thousands of dollars here. No joke.
4. Get into the stock market with the Robinhood app.
If you’ve dabbled with the idea of trading stocks after watching The Wolf of Wall Street, then you’re not alone.
Penny stocks were the way that the protagonist, Jordan Belfort played by Leonardo DiCaprio, made hundreds of millions of dollars before being busted by the government.
Bummer, I know, but today you can trade penny stocks – any stock valued at $5 or less per share – legally.
For example, I once bought 340 shares of a company for $0.30 each, totaling around $102. In the next hour, the stock had gone up to around $0.42, making my stocks worth around $142.
I sold all of my shares, and in less than 60 minutes with a few taps of my screen I made $40.
Now, imagine doing this with a few thousand dollars…you could make hundreds of dollars with one big trade!
This isn’t how stock brokers get rich – they make commissions off of every trade you make. The way you’re going to profit off of this method is this:
Robinhood is absolutely free, and you don’t get charged per trade.
Now granted, you can only make so many trades in a week (I believe the limit is 5 or so) so you can’t become a day trader unless you have $25,000 or more in liquid funds in your account.
In short, with strategic stock trading combined with three other income streams, you’ll eventually meet and even exceed your financial goals.