There are many ways to increase wealth, but one of the best is to create multiple income streams. Some income streams are more accessible, and some generate cash quicker. The best plan includes both.
Less accessible income streams include but are not limited to:
- Stocks and bonds
- Real estate
- Angel investing
- Royalties
- Patents and inventions
- Physical business (i.e., franchise or storefront)
- Online businesses (i.e., e-commerce)
More accessible income streams include but are not limited to:
- Employment (full or part-time)
- Freelancing
- Surveys and other micro-tasks
- Multi-Level-Marketing (MLM)
- Gig economy (Uber, Lyft)
- Online business (content creation, online market places)
When considering which income stream best fits our needs, consider both short-term needs and long-term financial goals. When our financial needs are immediate, consider freelancing, surveys, other micro-tasks, or the gig economy. When looking at our long-term financial goals, consider advancement in employment, MLMs, and online businesses. It is possible to have a quick payday with an online business when we have the right product or service; however, creating a dedicated customer base, and thus steady and increasing income, usually takes time.
Action steps:
- Identify your financial needs.
- Immediate and long-term
- Identify which income streams interest you.
- Consider both accessible and less accessible options
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