Secure greater control over your personal and financial life by establishing multiple streams of income. In today’s volatile economy, it is important to have more than one source of livelihood to ensure financial stability. If you are considering ways to make money in addition to your primary job or source of income, then you are not alone. According to a joint survey by Bankrate and CNN Money, more than 44 million Americans currently have a side hustle to supplement their incomes. With the right planning, these side hustles often earn over $500 each month. The sooner you get started, the more likely you are to discover that gigs that provide profit and success. Building multiple streams of income now can increase your personal cash flow, improve your quality of life, and help you achieve financial independence in the near future. A look at the best strategies for setting up income streams can provide powerful tools for those who want to get started without delay.
Top Ways to Establish of Multiple Streams of Income
Lucrative side hustles come in a variety of forms, including side jobs, short-term projects, and side businesses. One of the best aspects of these income streams is that you can start most of them immediately. With each additional stream of income, you can build a solid personal portfolio for financial independence.
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Side Business Income Stream
Starting a side business is one of the best ways to build an additional stream of income in the present. Current benefits of entrepreneurship include the ability to control of your assets, monitor your own payment, and pursue your passion. With a little creativity and the commitment to take the steps to start a side business, you can start a company that solves problems for others while providing you with a substantial income. You can start a business in any area for which there is a market; for example, you can start an interior design side business and advertise on Houzz, or you can start a tutoring business on a platform such as WizIQ. Individuals who are good at repairs can start a used and refurbished electronics business, whereas talented presenters can start a public speaking training business. For whatever you decide, be sure to register your business as a limited liability company (LLC) and comply with state and local registration laws.
Short-Term Project Income Stream
Short-term projects are among the most underrated ways to gain additional income. Although these side projects typically do not replace your primary income, they can add up quickly and provide a good cash source. These projects are as diverse as they are interesting. For example, you can look for individual gigs ranging from data entry to photography on marketplaces like Upwork. If you are interested in passive income, you can rent out your car through Turo, rent out your room through VRBO, or rent your parking space through JustPark or Parklee. For those interested in hands-on work, you can apply for seasonal jobs during summer or winter holidays, or you can work as a project demonstrator at trade fairs or shows. Other side project ideas include writing contests and running an after-school programs (such as chess or karate) during the academic year.
Side Job Income Stream
According to the Bureau of Labor Statistics, the number of Americans with side jobs is steadily rising at a rate of 7 percent. This rate is even higher with millennials. According to Forbes and CareerBuilder, one-third of the individuals in this age group actively work side jobs. Join the league of individuals making the most of their time by setting up a side-job income stream. Most people have heard of Uber as a side job, but there are other unique opportunities as well. For example, you can sign up as a pet walker for Wag Walking, or you can apply to become a referee or coach for local team sports. Alternatively, consider working from home as a customer service representative, data entry worker, or virtual assistant. Once you have a more steady flow of income you can invest in rental properties or in a lending marketplace such as LendingTree or Prosper.
Top Reasons to Establish Multiple Streams of Income
Establishing financial security is one of the best reasons to discover your multiple income streams. However, increasing your income streams has numerous other benefits such as improving personal productivity, building wealth, and expanding your networking opportunities. The advantages to creating more than one source of income are enough to justify getting started right away.
Pay Off Loans and Other Outstanding Debt
According to the Federal Reserve’s Consumer Credit Report, over 44 million Americans have student loan debt, and the average monthly payment per person is $351. Combined with living expenses, this debt burden can greatly affect anyone’s quality of life. Establishing multiple streams of income can help you pay off debt more quickly. Paying off the debt now also eliminates the buildup of penalties and interest. You can use the same payment strategy to eliminate other debt such as credit card debt or auto loans.
Earn Extra Money to Build Wealth
Additional streams of income allow you to redirect extra money into wealth-building accounts. Use the extra money to invest in a retirement fund, purchase a saving bond, buy stocks, or explore mutual funds. Once you have paid off debt, it is generally better to start off with saving and investing sooner rather than later. Getting started now helps you benefit from a principle known as the time value of money (TVM). This means extra money now is worth more than the same amount in the future due to its earnings potential. In other words, saving and investing now allows your money to earn interest that can grow exponentially in the future. Therefore, it is in your best interest to start saving and investing as early as possible.
Safeguard Against Unexpected Expenses
Multiple streams of income can act as a buffer to safeguard against unexpected bills or expenses. From home emergencies to healthcare bills, these expenses can take a toll on savings and disposable income. Having the extra revenue available reduces the risk of relying on a single income source.
Capitalize on Existing Talent and Assets
Starting a side hustle can help you benefit from skills you already possess. For example, if you already speak a foreign language or play a sport, you can obtain additional income through tutoring or coaching without needing to learn a new subject. Other ways to capitalize on your existing assets is to rent out your property. Rather than allowing your skills or property to remain dormant, use these assets to improve you monthly income with minimal effort.
Sharpen Your Resume
Gaining additional skills through a part-time job or side business can set your resume apart from others. List your breadth of experience and skills acquired in order to showcase your unique abilities. Since some side jobs require certifications or technical training, you should list that out as well.
Increase Spending Cash Flow
While it is smart to use income streams to save money, the additional cash can help remove income barriers to occasional recreation. If you start building multiple streams of income now, you can reward yourself later with a vacation or purchase that is currently out of reach. The ability to treat yourself as a reward for your hard work is also great motivation for building your income streams in the present.
Explore a New Career
Obtaining a side job or short-term gig lets you to test drive a new career or interest. If you are interested in exploring a new field, begin with a part-time hustle to reduce the risk of leaping into the unknown. Once you decide to pursue the field on a full-time basis, you will have both experience and monetary gain under your belt.
Make New Connections
Pursuing a side gig now allows you to start connecting with new people in your field of interest. These connections can result in new sales leads and introduce new peer networking opportunities. You may also meet new mentors who can boost your income potential through their knowledge. Use social networks such as LinkedIn or email platforms such as Aweber or MailChimp to keep track of valuable new connections.