How to Create Multiple Passive Income Streams: 13 Steps

You could also buy property and flip it for a profit, which is another form of income stream, however this will take more attention and action to do so. Many highly successful wealthy people practice this, and obtain, keep and grow their wealth with multiple streams of income. In reality, that does take a lot of time and hard work to achieve. But in the meanwhile, every income source is a little help when it comes to building your retirement nest egg.

And, let’s face it; not everyone wants to sling body wraps or nutrition shakes to their family and friends. That’s why offering a service is often one of the best, multiple streams of income and least uncomfortable, ways to earn side income doing something you love. Maybe you want to clean houses or rake leaves or help people file their taxes.

Sell Services On Fiverr

Deeper issues that could cause great financial and personal problems lie hidden beneath the surface, and only appear when applied in the real world. Business can include many strategies such as infopreneuring, hard goods, retail, and intellectual property, just to name a few. Financial Mentor has commercial relationships with certain companies we reference on this website. Opinions are ours alone, and we take a good faith approach to maintaining objectivity. If we wouldn’t use a product ourselves, we won’t recommend it.

It gives you the opportunity to play in higher risk, higher reward zones, where you’re more likely to learn too. Real estate often has the highest overhead of any asset on the market. Not only is the property itself expensive, but you have to pay for a vast amount of legal, maintenance, insurance and related costs that many first time investors don’t anticipate. As with all high risk investments, proceed carefully and only with money you can afford to lose.

Dividend Income Summary

Not only will you enjoy a higher income, but you won’t go broke if one stream ends out of the blue. Read about the importance of multiple income streams and see our 10 easy ways to earn extra money. The rich are creative in their financial pursuits, and will always be looking for ways to grow their wealth.