Want multiple streams of income? How would it feel not to be 100% dependent on just your day job income? Today we want to dive into streams of income that others use to smooth out the edges as things get rough – and in 2020, everybody needs multiple streams of income!
Develop Your Multiple Streams of Income (MSI)
Here are some of the more popular categories others use for diversification of their income.
- Your Day Job – Never forget to focus on this income source.
- Providing service through a third party – Pizza delivery, shopper, Uber driver, Amazon driver, UPS, or another delivery driver.
- Pros – They do the marketing.
- Cons – You have little control over what you do.
- Consulting/coaching service – Fiverr, Upwork, etc. – This is the easiest thing to do where you have a little control over what you offer.
- Pros – It is easy to get started.
- Cons – Takes your time to deliver the service.
- Home services – From yard work, small repairs, pressure washing, cooking, cleaning, closet organizing – something for everyone here.
- Pros – We all have something to offer.
- Cons – You have to work on location.
- Creating Intellectual Property – Udemy, teaching, writing books, etc.
- Pros – Recurring income and some platforms help you market.
- Cons – Can feel daunting to start. No money flows until you are complete.
- Real Estate Rentals – Cost more to get started and can be a long haul to start to win.
- Pros – Can be almost passive.
- Cons – The higher cost to get started.
- Buying a Business
- Pros – Can generate much higher returns than others.
- Cons – Takes time to work a deal and can turn into a lot of cash.
- Stocks – The biggest win for growth. Little maintenance, significant growth. Not something that many start with.
- E-Commerce – The most money and the easiest to ramp up or down as I need
- Real estate – This is steady money. Houses paid off. Good renters. Maintenance a constant issue but comes and goes.
- Online courses – Steady income with almost no maintenance activity.
- Books – Money goes up and down at times, but again little maintenance activity.
- Affiliates – These are products from other companies I sell and they ship. Amazon is one. Others are companies that have products which complement my own products.
- Coaching/Consulting – Professional startup and career coaching and business consulting, mostly involving organizational and process improvement. I have never focused heavily on developing this path – but the work is enjoyable.
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