What if you had sufficient income and not having to work 24/7? What if you had sufficient income to realize your dreams, live the lifestyle you dream about and create wealth in the process?
Having multiple income sources is a fundamental principle that billionaires across the world apply successfully to create wealth. Here are 21 ideas that you can consider to create an income or multiple income sources:
- Educate yourself to become an expert in your field and then use your knowledge and experience in a consulting capacity.
- Monetize your hobbies – if you are enjoying art consider to present art classes, if you are a talented photographer consider to offer your services over weekends, if you are a fitness fanatic consider to help your friends and colleagues to become fit, if you love cooking consider cooking home-cooked meals for working people etc.
- Develop and sell an online course or e-book sharing your knowledge with other people.
- Start a YouTube channel showing other people how to do something that you are good at. As you grow your following, get people to advertise on your channel to earn an income.
- If you enjoy writing and are passionate about something, start a blog sharing your passion and knowledge with other people. As you attract more readers, start monetizing your blog.
- Start a business. A business is the one investment type that can offer you investment returns in excess of 100%. Many people have business ideas. Implement one of those ideas. You have nothing to lose.
- Become a silent partner in somebody else’s business by providing skills, knowledge, equipment or money and share in the profits of the business.
- If you have a spare room at home, consider to rent it out on AirBNB or offer office space for a small business owner.
- Invest in property and earn rental income. Properties are still one of the best performing investments over the longer term.
- Invest in income generating assets i.e. unit trusts, shares, exchange traded funds etc.
- There are plenty of network marketing options available. Some people love it and some people hate it. If that appeals to you and you already have a network to tab into, give it a try.
- Become a freelancer (writing articles, research, graphic design, editing etc.). There are multiple online platforms where you can list your skills and services and get work through the platform. However, ensure the platform is reputable and you understand the terms and conditions.
- If you have a big network or have access to people who can give business to other people, start a referral business where you connect people with each other and earn a referral fee on any business derived from the connection.
- Look for opportunities at colleges or universities to mark exam papers or become a tutor for subjects that you are knowledgeable about.
- Do grocery shopping for other people who don’t have time or the elderly.
- Start your own herb and veggie garden and sell your fresh produce.
- Offer to drive working parents’ children to school and activities.
- Affiliate marketing is a great way to earn income on selling somebody else’s products.
- House sitting or pet sitting are becoming very popular.
- Test products, programmes or applications for companies.
- Become a coach / mentor and share your experience with other people.
These are only a few ideas, but there are multiple ideas that you can consider. Apply your mind and think of something that can work for you and fit in with your lifestyle. Do proper research though and familiarize yourself with any legal, tax, accounting, health and safety etc. regulations / requirements. If you really want to create additional income you will find a way to make it work. The most important part is to start by taking action. Start out small, it will grow and you will never regret making this decision.