Who doesn’t drool at the thought of having multiple streams of income or making money while you sleep?
I know I do!
Having my own money making business has always been a goal of mine.
For 3 years I have made it my mission to start building several sources of income and to never rely on just my 9 to 5.
It wasn’t until I started my very own Amazon FBA business, that I decided to find more passive income streams to generate me extra money on the side.
Passive income was always the goal for me but more importantly I didn’t want to have to rely on a 9 to 5 job as my only source of income.
If anything were to happen to my main full time job, at least with multiple income streams, my butt would be covered.
This is why I am so passionate about making money from side hustles and ways to earn extra cash online.
Even if you think you have the most secure job in the world, becoming dependent on one source of income is extremely risky.
It is so important to build multiple streams of income, especially in a volatile economy. With the global pandemic, there has never been a better time to work on ways to earn money on the side.
The solution to earning extra cash isn’t always to go out there and get a part time job. If like me, you have specific financial goals, then building multiple sources of income is essential.
If one decides to come crashing down, you have the others to fall back on.
No more dipping into your savings when the proverbial hits the fan.
Reasons to build multiple income streams
There are many reasons why you should build multiple streams of income.
Imagine a world (your world) where money is constantly rolling in?
Yea, sure, you’ll have to fix minor issues in that business now and then, but for the most part, your money is coming in every single month, without you having to do a single thing!
Sound too good to be true?
It really isn’t.
Although building multiple income streams will take you time, in the long term you could be setting yourself up for financial freedom.
No matter how hard you work in your 9 to 5 chances are you’ll end up getting the same amount $$$
However, when you start hustling on the side, you can multiply your money ten-fold! The more effort you put in the more you’ll be able to make.
This is the theory, however, each side hustle or possible revenue stream will have its own learning curve.
The 11 Best ways to build Passive Income
So how do you build multiple income streams?
In order to have multiple streams of income, you need to have at least one stream to start with.
This could be your full time job, which will act as income stream #1. It needs to be something that you continue until it becomes consistent.
Then get started on the next source. It can be a lot of work to manage these sources, however the management side of things will develop as you build each of them.
Try not to do everything at one time. Set the 2nd up, watch it blossom and work, then move onto the next.
Beware, don’t move onto the next source until you have full control, otherwise you’ll risk that falling apart.
There is no quick fix to building your income streams, you’re going to have to work for it. I have listed some ways you can achieve this in no time:
1. Start saving & investing
If you can’t learn to save now, then the goal of financial independence will be increasingly harder to reach.
Investing is a great option if you have the benefit of time, as you can pour in some capital and watch it grow over a number of years.
When deciding where to invest your money, choose one that works for you.
There are so many investment options.
Check out this detailed post on how you can start investing money in 2020 and see results short term.
7 Simple Money Saving Tips to Save Money Every Month
2. Turn your hobby into income
If there’s something you are good at or passionate about, see if there is a way to turn it into extra cash.
I love baking and cake decorating. A few years back, I set up a facebook Page with all of my bakes and promoted it locally.
I managed to get a few jobs from people I knew and also people I didn’t through word of mouth. Soon I was making a cake every other weekend and earning about $50 each time.
Although it wasn’t a lot of money, it helped and I used my talent/hobby to earn extra cash I wouldn’t have had otherwise.
See if there is a way you can turn something you like to do in your spare time into a viable “side hustle”.
14 Hobbies That Make Money (Work from Home Ideas 2020)
3. Get online
Nowadays, there are hundreds of ways to get into making money online. I have also dedicated a blog post specifically about the best ways you can make money online, so check it out.
- Creating a blog
- Affiliate Marketing
- Creating an ebook/digital products
- Taking paid surveys
- Become a Virtual assistant
If you want to generate a lifetime of wealth, you need to move with the times.
The internet isn’t going anywhere, so why not utilize it in the best way possible to generate extra income.
I have articles on nearly all of these topics, so pick one and get started.
16 Legitimate Ways to Make Money Online While Your at Home
4. Keep learning & developing
After you focus on your main source of income and work on a side hustle made from something your interested in, you can generate another source of income by continually learning and developing your skills.
You can then use these developed skills and either apply to an existing business model or create a new one.
Either way you have generated a new way to earn money
Skillshare is an online learning community where skills are discovered and learned through the aid of project-based classes.
You get 2 months COMPLETELY FREE when you sign up using my link.
Want to Know the Best Side Hustles to Make You Money & Passive Income in 2020?
More people in 2020 are looking to build multiple streams of income.
There is no better time than now..
Check out my favourite posts on the best ways to generate extra money now:
25 Most Creative Ways to Make Money From Home
10 Creative Ways to Make Money Online in 2020
10 Highly Paid Ways to Make Money Online Working From Home in 2020
If you are one of those people tired of the traditional 9-5 job, create multiple income streams could provide you with a life of financial freedom.
Even the biggest of companies have the hands in different pots.
Building multiple income streams won’t happen overnight, but if you work hard and are committed to the process, your money will soon multiply before your eyes.
When you create lasting multiple streams of income your money works for you, instead of the other way round.
After all isn’t that the ultimate financial goal?
You deserve success, manifest your goals into reality and make it happen.