Types of sources of additional income
Share to Linkedin Shutterstock In my role as a financial planner, I serve clients with varying levels of income.
How I Built 6 Income Streams That Make $80,000+ Per Month (Tips and Strategies!)
But, my goal is the same for everyone I meet. I want to help rich families continue growing wealth while helping young families reach their financial goals.
While a lot of my work revolves around getting clients into the right investments for their needs, I also try to help them understand the point of building multiple income streams. Heck, even I have several income streams going onincluding my financial planning practice, blogging at Good Financial Cents, my life insurance website, investing income, and my online course for financial advisors. So, there must be something to this idea of having more than one income stream coming types of sources of additional income, right?
How to earn passive income
With multiple streams of income, on the other hand, you can avoid putting all your eggs in one basket — and use several streams of cash to grow rich. As an investor, you should always seek to diversify your portfolio as much as you can. There are a ton of ways to diversify your investments, some of which can send real income your way. By opening a brokerage account and investing in ETFs or mutual funds, you can earn real returns you can use to supplement your income.
Of course, the flip side can also happen — as in, you can lose money.
So, make sure you understand the risks before you dive in. In addition to opening a brokerage account, you can also invest in peer-to-peer lending firms like Lending Club.
1. Try out index funds.
A colleague of mine, Long Island financial advisor Joseph Carbone, says one of his favorite strategies is helping his clients purchase High Dividend Blue Chip stock. You can pick up a part-time job for sure, but there might be a better way to earn cash on the side. By offering a service or selling something, you can create a small side business that you get to control. If you sell something — specifically through a third-party company - to diversify your income, you may be able to build passive income that builds slowly over the years.
Unfortunately, you usually have to recruit people to sell under you to do this, and that is a deal-breaker for many. Maybe you want to clean houses or rake leaves or help people file their taxes.
How about creating your own product?
Think outside the box until you come up with a new idea that fills a need. Digital products are also huge these days. I mentioned already that I have an online course for financial advisors, but you can find courses of all kinds.
- How to make money on blackmail on the Internet
- Original article published by Simon Wotherspoon Oct Share : Overview: Many people think of investment income as just the cash flow we get from bank interest, bonds, share dividends and property rents, some of which comes via a superannuation pension.
- You need to have money already to benefit from some of these income streams.
- If you are looking for ways to create multiple streams of income, here are a few ideas that might help you.
- W binary options
If you have a specific skill you want to teach other people, setting up a web-based course through a website like Teachable. So, do it!
You mostly need time and a passion for any topic, then the courage to put your ideas into writing and push forward. Andrew Rafal, Founder and President of Bayntree Wealth Advisors in Arizona, recently told me about his push to get clients to diversify their income streams.
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The Great Recession feels like an eternity ago now that the economy is looking up, he says. The job market is strong and consumer confidence is through the roof. Rafal says he tells his clients to find something they are passionate about, identify if there is a way to monetize that passion, and start small.
The most important step to take now is figuring out your passion and not letting fear or anything else stand in your way.