6 Ideas To Diversify Your Income Streams

BY- SAHIL SAIFI

Woman Reading

The more I diversify my income, the more I realize what a huge blessing it is to have the opportunity to do this. It not only allows me to experiment with new ideas, but I also have the comfort of knowing that if one income stream fails, I have several more to back me up.

Books
Man Reading

We talk a lot about "side hustling" and multiple income streams, but let's face it, your day job is, most likely, your number one source of income. This is what most likely pays your bills and keeps food on the table. For me I’d consider my “day job” my freelance income. Even though I’m self-employed, I view certain income streams as the ones that pay my bills and others are goal money or fun money.

Start With Your Day Job

Man Reading

My income is fairly diversified right now. The next thing I would love to add more of is investing in real estate. Of course, it’s going to take me a good amount of time to get the cash saved up for this, but there are options to get started investing in real estate for as little as $500! Yes, serious, $500.

Invest In Real Estate

I know many people think that flipping is a very risky business and it can be, it just depends on the real estate market in your area. I have successfully flipped a house before (the one and only time that I tried) and I can’t wait to try it again.

Flipping a House

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Man Reading

Owning rental properties is not for the faint of heart. You have to be able to plan for vacancies, repairs, and deal with renters. While I haven’t completely ruled out owning rental properties I’m not sure that I’d want to deal with tenants. I’d ideally use a property management service to handle this for me. However, this could still be a great way for you to diversify your income.

Owning Rental Properties

This third idea will require initial time upfront, but then can become a passive income source. The royalty trickle of income can take a lot of upfront marketing to make successful, so don’t expect to create some sort of product and start raking in the big bucks. Earning royalties requires hard work!

Sell A Product

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Man Reading

I view micro-entrepreneurship a little different than selling a product or service. Yes, it's still side hustling, but it's about being able to do it on your own terms, but not totally having to start your own business.

Become A Micro-Entrepreneur

Food Delivery With Uber Eats Or Instacart

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If you don't like the idea of having people in your car, then maybe delivering food is the best avenue for you to take advantage of your car and earn extra money to diversify your income.

Man Reading

DoorDash is another delivering service that has been growing nationwide. Again, it's an alternative to not having people in your car but still getting paid to deliver.

Deliver For DoorDash

Invest In The Stock Market

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A mostly passive option to diversifying your income is investing in the stock market. Since Robert is the investing expert around here, I’ll leave you some of his posts on creating a monthly income through investing to check out:

Get Good At One Then Work on Another

My motto for building multiple streams of income is to get really good at one thing before moving to something else. Trying to take on too much at once will only set you up for failure.

Books
Woman Reading 02

THANK YOU

6 Ideas To Diversify Your Income Streams