In this day and age we are learning that there are several ways to earn money and or create income streams for ourselves and although I do not advocate that we become, a ‘Jack of All Trades, Master of None!’ I will say, it is vitally important you find what you are passionate about, master it and get to the point that you are able to generate an income from it even whilst you sleep.
8 Income Streams That Will Work For You
That said, I have said it before and I will reiterate again, 8 is the recommended number by God and I for one will not argue with an expert. Ecclesiastes chapter 11 and verses 1 to 2 in the King James Bible translation says it like this:
Cast your bread upon the waters,
For you will find it after many days.
Give a serving to seven, and also to eight,
For you do not know what evil will be on the earth.
Would you say the Coronavirus and the ensuing lockdown is an evil on the earth? I would. So, now that I have your attention see the 8 income streams that will work for you when you do what is required. They are listed in no particular order of importance as:-
- Employment – The main one we all learned growing up and why we are mainly told to get a good education is an income you earn through employment.
- Sales – Making a profit from buying something at a wholesale price and selling it at a retail price just like on eBay and Amazon. This is the premise I believe for affiliate and network marketing.
- Lending – The banks, credit unions/cards and loan sharks have really mastered this one. Where you borrow money at a low sum and repay it at a higher rate of interest over a period of time i.e. interests on a mortgage, a car or other purchases from borrowed money.
- Residual – I really LOVE this one! This is why I first came into affiliate and network marketing because once you have a good system properly set up and running, you continue to make money even when you’re not working at it!
- Property – Being a Landlord and renting your property or properties out to tenants for weekly or monthly rent and getting a yearly yield of 8% or more is considered good. However, you can own intellectual property like websites like this one and have it monetised. Get some great tools and resources for your website here
- Capital gains – Although you do need to watch out for the tax issues that may arise around it. This is the profit made on any assets you may own which have increased in value.
- Royalty – Investopedia defines it as, A royalty is a payment to an owner for the ongoing use of their asset or property, such as patents, copyrighted works, or natural resources.
- Dividend – Another great Love of mine! This comes from money paid to shareholders from a company’s profits. Did you know own stocks and shares are considered intellectual property and much cheaper and less hassle than buying a house? However, before you take this route, please pick up a copy of my book Forex Trading Made Easy
It is also very important to note that the average millionaire has 7 at least income streams that are actually working for them, i.e. bringing in a profit on a regular basis. So, my question to you is, considering the biblical evidence and confirmed in the lives of successful millionaires, might this be something you aspire to from today?
The beauty of working online is you have access to tools and resources that will enable you to create 8 income streams that will work for you if you commit yourself to the learning and application of what you need to know with consistency. If you are ready to get started, please click on the link below to purchase a copy of my book Branding 101 – Turning Your Passion To Profit
I welcome your comments below.
Take care, stay home and do keep safe during this global lockdown!