June 12, 2017 by Ed Becker
In part 1 of this topic, we explored why alternate streams of income are so important. We also defined the 5 types of income and how a stream could change from one type to another over time. In Part 2, we will discuss the actual streams you can add to your financial arsenal.
These will not all fit into everyone’s finances or lifestyle, but there should be plenty of options for everyone to find a few they can try out! The thing with alternate streams of income is that you can play with a few here and there and see what is a good fit for you. You do not have to invest a ton of resources to find out if it will work for you.
This list is pretty long, I will only include descriptions for more obscure things. It also includes things that may not fit into everyone’s niche or comfort zone, although I think we only succeed when we step out and take some risks! Some are short term, some are more ways to save than to have ongoing income, but all-in-all it’s all about generating more cash!
Utilize your money to save money:
- Earn Higher Interest on Your Savings
- Purchase high dividend stocks. By building a portfolio of high dividend stocks, you can create regular passive income at an annual rate that is much higher, and there is always the potential for capital appreciation.
- Build a CD Ladder – Split your money into smaller chunks and buy a series of 1-year high yield certificates of deposit.
- Get cash rebates when buying online
- Credit card sign-up bonuses
Utilize your skills to make money:
- Buy a blog
- Make YouTube videos
- Become a referral source
- Freelance Writing
- Ebook creation
- Build an app
- Create an online course
- Create your own How-To-Videos
- Creating an online guide – Provide specific information in a guide-like format, you can make money through some of the means already addressed: advertisements through Google AdSense, affiliate links, and even memberships you can sell from your online guide.
- Make money for tasks you’d do anyway with InboxDollars and Swagbucks
- Put your photography to work on the web try Shutterstock and iStockphoto
- Sell your own products on the internet
- Set up a website selling a product
- Personalization services – gift wrapping, sewing, special delivery
Utilize your resources to make money:
- Rent out unused space with Airbnb
- Ride Sharing
Add other income sources:
- Become a silent business partner
- Vending machines
- Sell other services that compliment your current business
- Create partnerships with local businesses
- Affiliate Marketing
- Real Estate Income
- Investing in real estate investment trusts
- Property Investment
Investment and Peer to Peer Lending
- Index funds
- Invest with a robo-advisor – Investing money into an account and an algorithm will do all the work for you and keep your portfolio balanced. The fees are very reasonable.
This list should give you a great start to try some ideas out either personally or within your business niche. Hopefully, it will also get creative thinking juices going to come up with unique ideas of your own or other variations of these. For more detail, check out Business Insider: 22 passive ways to earn more income
Again, don’t expect overnight riches, or large income generation as soon as you implement something. This is a process and meant to grow and compound to give you a foundation of multiple income streams that are not stagnant but evolving and growing over the years.