Having multiple income streams in today’s economy is no longer a luxury, it’s a necessity. With the high rate of unemployment and job loss, job security is steadily becoming a thing of the past, sadly. It’s a risky way to live, but unfortunately for most people, their only source of income is their job. What happens when they’re making a lot lower than they are to live comfortably? Or worse, what if they lose said job? It’s a depressing fact and a harsh one at that. Luckily, there are income stream options that can be looked into that can even make you quite a bit of money, if you play your cards right.
Here are five different types of income streams that can make you wealthy:
Most of us have jobs in the workforce. Don’t quit your full time job – it’s your main source of income and may even be your biggest source of income when all is said and done.
2. Business based on hobby or passion
You may already have a full time job, but if you find you have some extra time on your hands and adore baking or cooking, start selling baked goods or food on the side! It’s a great way to generate extra income and it’s something you love doing. It’s the best of both worlds!
Stocks, bonds, 401ks, and the sort are a great way to earn passive income. If you aren’t well-versed in it just yet, take a finance class or two to understand when someone recommends an investment strategy. You’ll also want to hire an financial adviser to help choose the right investments for you.
If you are knowledgeable and pretty much an expert in something, you might want to think about writing an e-book or booklet to generate some extra income.
5. Real Estate
Thanks to real estate reality shows that show you how to flip a house, real estate is on many peoples’ radar. It can actually be a great way to earn you extra income. You can also buy properties and become a landlord or even become a real estate agent.
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