Need More Money? Create Multiple Sources of Income

Tired of Being Broke?

If you’re like most people you are probably asking yourself how can I make more money?  How can I make more cash now? Well my friend look no further. Here are some different ways to boost your income.

I’m a firm believer that the best thing you can do is to diversity your sources of cash.  That way if one or two go away temporarily you won’t find yourself standing in the bread line.

Salary From Your Job

This is most likely your primary source of income.  Well I hate to break it to you but if this is your only source of money this is a HUGE mistake.  This is a massive risk and you should not have all your eggs in one basket.  If you work for “the man” then you run the risk of being fired at any time for any reason.  I’ve been in Corporate America for over two decades and let me tell you, I’ve seen people get completely blindsided by layoffs.  It’s because of this that I learned early on to live way below your means.

Don’t be afraid to ask for raises and get what you are worth.  Just remember that there is no loyalty these days so always be prepared, have your resume up to date and jump ship if a better opportunity comes along.

Investments

Invest in the stock market.  This is a no-brainer but realize that this is not a way to make a quick buck 99% of the time.  This is a get rich slowly process.  If you do nothing else you should be investing in a S&P 500 index fund.  Since it’s inception in 1928 the average annual return for the S&P 500 is 10%.

If you need stocks to generate an income for you look for stocks and mutual funds that pay healthy dividends.

Important note: I am a firm believer in investing in good solid companies that can provide you with a healthy return over time.  Some of the stocks in my portfolio include Apple, Amazon, Google, Disney, Netflix, and Nvidia.   I would also advise against trying to time the market.  Just consistently invest over time and you will be surprised to see how much your portfolio can grow over the years.

Rental Properties

I love rental real estate.  Over the years I have continued to invest in single family properties and now own 5 rental properties free and clear e.g. no mortgage.  These generate over $6,000 in free cash flow per month for me before taxes, insurance, and expenses. 

Remember this – people always need somewhere to live.  I’ve had properties during the Great Recession and the latest bull run on the market.  Through that period I have had relatively low vacancies and have been able to continuously raise rents to keep up with inflation. 

Again this is not a get rich quick method or sexy but it is tried and true and consistent.  When you want to diversify your income and generate multiple streams I can think of no better way to achieve this than by owning real estate.

Side Business

To increase your income you can also create a side business that could one day become your primary source of income. I created a side gig 8 years ago that has slowly grown into a profitable business.  It is a home care agency that now has over 100 clients.  Again, this has been a slow build and I did it with a partner without taking on any debt.  Creating a side business based on your passion or an opportunity is a good idea but know that it will not be easy.  You need to have the heart of an entrepreneur and be prepared for ups and downs and lots of hours.

No one said creating something out of nothing would be easy but that’s what makes it so rewarding!  You could also buy an existing business or franchise.  Just make sure you do tons of due diligence.  And don’t take on any debt to do it.

Online Business/Blog

Another way to make more money is to blog or create an online business.  I’m still figuring this out myself as my sites don’t make much money yet but I enjoy doing it and improving my writing skills and watching traffic increase over time.  Some bloggers make some serious cash doing this but this takes time and hard work.

If this is something you are considering go for it and start today.  Register a domain name purchase web hosting and get going!  It can start as a hobby by stating a blog about something you are passionate about or have some expertise.  The sky is the limit!