10 Multiple Income Streams to Grow Your Wealth

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Having multiple income streams is one of the best ways to protect yourself financially and grow your income over time. It also gives you greater peace of mind and financial security. 

Let’s say that your only source of income is your full-time job. If you unexpectedly get fired, things are going to be financially tight for a while. 

So, to set yourself up for success, start thinking about how to create multiple income streams. However, you may not know how to make this happen or where to start. 

That’s precisely what this article is going to teach you. 

What are the Most Common Types of Income Streams?

Most people diversify their income with various active and passive income streams. Active income is the money you receive for performing a service.

For instance, your job would be considered an active income because you won’t get paid if you don’t do any work. On the other hand, passive income doesn’t involve exchanging time for money. 

There will still be a lot of work involved, but it’s usually put in on the front end. Once you start earning passive income, it generally allows you to be more hands-off. 

Most people start with active income streams and slowly begin branching out into passive income over time. The important thing is just to get started.

So, if you’re looking for ways to create multiple income streams, here are the ten best ways.

1. Full-time job

The idea of building multiple income streams can seem overwhelming at first. But if you and your spouse work full-time, you already have multiple income streams. 

Most people work at a full-time job that provides the primary source of their income. And there are a lot of advantages to keeping this position as long as possible.

According to the United States Census Bureau, the median income in the U.S. is $67,521. This is probably the most common way to make $50,000 or more per year.

A full-time job can also provide things like medical insurance, dental insurance, and disability insurance. Depending on the company you work for, you may even have access to a 401(k). When you’re self-employed, you have to provide those things for yourself.

Plus, working full-time gives you a steady income while you pursue other ventures. You can build your side hustle before and after work, all while maximizing your income at your full-time job.

2. Start a side gig

Most people start with a full-time job and then consider a side hustle they could add to earn extra money. A side gig is typically something you don’t plan on doing long-term, but it can be a good way to make extra money. 

One of the most popular side gigs that have popped up in recent years is becoming a delivery driver. Customers place an order at their favorite restaurant through an app like DoorDash or UberEats, and a delivery driver will pick it up and then drop it off with the customer.

There are a lot of advantages to becoming a delivery driver. You can work when it suits your schedule, which makes this easier to manage alongside a full-time job. Being a delivery driver won’t pay a lot of money, but it is a good way to earn an additional $500 to $1,000 per month.  

If delivering food isn’t the right fit for you, you can also pick up and deliver groceries for Instacart. Or you could become a pet sitter, Uber driver, or wait tables in your spare time. 

The options are endless, so spend some time thinking about the right side gig for you. 

3. Offer a service

If you’re looking for a side hustle that you could scale and possibly turn into your full-time job, why not offer some kind of service? For instance, if you work full-time as a teacher, then starting your own tutoring business could be the perfect additional source of income for you.

Or, if you have any writing skills, you could become a freelance writer. There are plenty of businesses and websites that need a lot of content and are on the lookout for quality writers.

As a freelance writer, you could write blog posts, website content, magazine articles, or press releases. Websites like Upwork, ProBlogger, and Freelancer.com make it easy to pitch clients and find your first few jobs. 

Other services you can consider are bookkeeping, photography, or editing. 

4. Sell items online 

If you’ve ever hosted a neighborhood garage sale, selling items for extra cash may have lost some appeal. But selling items online is one of the easiest and most overlooked side hustles. 

You can use sites like eBay, Amazon, or Craigslist to sell items you don’t want anymore for some extra cash. Doing this is a great way to clear the clutter out of your home and earn some extra money.

Or if you have a knack for finding great deals, you could buy items at a discount and resell them for a profit. Many people do this by browsing garage sales, thrift stores, or antique stores. 

However, you may need to spend some time learning what items are best for resale. Or if you consider yourself crafty, you could open an Etsy store

5. Create a course

Increasingly, many people are turning to the Internet as a source of education and learning. According to this article from Forbes, online learning will grow from a $107 billion industry to $325 billion by 2025. 

So if you have any kind of specialized knowledge, you could capitalize on this by creating and selling an online course. Depending on the type of course you sell, you could charge anywhere from a hundred dollars to several thousand. 

And sites like Teachable will host the course for you, so all you have to do is create the content. Creating a course can take a lot of work on the front end, but once it’s created, you can continue to sell it over and over again. 

You may need to update it periodically to ensure the material stays relevant, but it’s a more passive form of income. 

6. Sell a digital product

When looking for multiple income streams, one that’s a little less time-intensive than a course is writing and selling a digital product like an e-book. You’ve probably never heard of many authors who make a good living by writing and selling e-books online.

The traditional route of publishing a book is notoriously difficult and tedious. Whereas you could write and self-publish an e-book in a matter of weeks. And sites like Amazon and Barnes and Noble will let you publish your book for free.

However, e-books are not the only digital products you can sell online. You can also create videos, audio, graphic art, stock photos, etc. Your options are endless. 

7. Rental Property

Purchasing a rental property can be a great way to add income. However, it will require a large upfront investment and ongoing expenses, like a mortgage, utilities, property taxes, etc.

Plus, you have to work to find new tenants and turn it over between tenants. And when you become a landlord, you’re responsible for maintaining the property and responding to your tenant’s needs. 

But if you’re up to the challenge, real estate is a good way to diversify your income and develop a steady stream of cash flow. The return on investment is relatively high, especially when you buy property below market value and put in the work to fix it up. 

Plus, you’ll receive numerous tax advantages you don’t get with other investments. 

8. Crowdfunded Real Estate

One thing that holds many people back from investing in real estate is the 20% upfront down payment required to purchase the property. That’s why many people turn to a real estate investment trust (REIT) instead. 

A REIT is a company that owns and operates income-producing real estate. Most REITs are registered with the SEC and publicly traded on a major stock exchange. This allows you to invest in real estate without purchasing it yourself. 

You have many options and can get started with as little as $10. If you’re interested in going this route, you might want to consider platforms like Fundrise to get started.

9. Invest in bonds

Bonds are a form of debt in which investors lend money to a company or the government. They are a common strategy businesses use to raise money. 

Bonds are also a good way to diversify your investment portfolio because they typically move differently than stocks. This means in an economic downturn, bonds may increase in value as stocks decline.

You can buy bonds directly through your brokerage account, but most purchase bonds through a fund. You should consider working with a financial planner to see the best option for your situation.

10. Investing 

And finally, the most common strategy for income diversification is through investing. Most people begin saving for retirement through vehicles like a Roth IRA or a 401(k). 

And there are a lot of advantages to investing in a Roth IRA or 401(k), especially if your employer is willing to match your contributions. 

But just like you want to diversify your income, it’s important to diversify your investment strategy. That way, your retirement plan doesn’t hinge on any single investment. 

One of the best ways to diversify your investments is by investing in a mix of mutual funds or ETFs. A mutual fund comprises a pool of money invested in bonds, stocks, or other securities. 

Many people like investing in mutual funds because you gain access to a professionally managed portfolio at a low price point.  

On the other hand, an ETF is an investment fund traded on a major stock exchange, just like stocks. It typically will hold stocks, bonds, and other commodities. 

Summary

Multiple income streams can help diversify your income and maximize your future earning potential. Hopefully, this article has shown you a variety of ways you can start doing this immediately. 

You don’t need much money to get started; you could start a side business today with $100. Anything you do will require work, but the financial rewards will be worth it. 

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4 Comments

  1. Thanks for the article Jamie. It helps one gain perspective.

    A lot of people make the mistake of choosing side ventures that are only in line with their passion

    It took me years to realise that I can use my skills for other things outside my passion

    Articles like this one serve to open our eyes when we are considering what else to do. Improving our chances of making it as entrepreneurs

    1. Jess Nardini says:

      So glad this helped you! There are so many ways to use passions to make money

  2. Great post, it occurred to me one benefit of wiring your way up the corporate ladder is that entry level peeps get salary, and that’s all. Middle management usually gets sizable bonuses too. And corporate officers get juicy stock benefits. So you can go from one source of income to three just in your 9 to 5 job. Of course you could lose them all at once so there is still a stability benefit to those others you mentioned that aren’t tied to your job. My last year of 9 to 5 corporate life I more than doubled my salary with my bonus and stock benefits!

    1. Jess Nardini says:

      That’s a good point! Bonuses can be huge and helpful, but there isn’t alsowwys job stability.