Having Multiple Streams of Income is Just Smart
They say that the average millionaire has at least 7 streams of income. Having multiple streams of income can diversify your ability to earn money and give you a safeguard in case one goes belly-up.
For instance, if you lose your full-time job, you could have a freelance gig to hold you over until you get another job. Let’s say you are investing in stocks and the market experiences a dip, having rental income from real estate investments can help you maintain your lifestyle.
More streams of income can mean more financial security!
Don’t worry, these income streams don’t require you to put thousands in the stock market or go buying up tons of real estate. There are fairly easy, low-cost, easy-to-start ways to add multiple streams of income to your bottom line.
For example, I have a friend who writes short stories and sells them on Amazon to make $1,000 per month in passive income!
I’ve also got my kids, 9 and 13, involved in the side-hustle game. They earn a pretty penny doing paid voice-over work. As you can see, it doesn’t take much to start earning extra money on the side — even a kid can do it!
There are just so many ways to create multiple streams of income. You just need to find what works for you.
If you are you tired of scraping by with no extra money for bills, debt repayment or dreaming, scrape no more. Here are 19 ways to earn more money and diversify your income streams as needed.
Ready? Ok…Happy hustling!
1) Take part in paid surveys from your smartphone
There are companies out there that will pay you to participate in paid surveys that you can take right from your phone.
Many of them even give you sign up bonuses and referral bonuses when you invite your friends to join, too.
This is a sweet deal because you can earn extra cash right from your couch, like ASAP!
Here are few to get started with. (Don’t forget to invite friends to earn extra money):
- Swagbucks– $5 to sign up; 10% of your referrals earnings from the surveys they take
- Inbox Dollars– $5 to sign up; $5 referral bonus
- Fusion Cash– $5 to sign up; $1-$5 referral bonus
2) Get sign up bonuses like gift cards, cash, and free stocks
Here are few to get started with. (Don’t forget to invite friends to earn extra money):
- Chime– $50 to sign-up and $50 for referrals (must open account and set-up direct deposit in 45 days to get bonus)
- Ebates– $10 to sign up; $25 for referrals
- Acorns– $5 to sign up; $5 referral bonus
- Ibotta– $10 to sign up; $10 referral bonus
- StockPile– $5 to sign up
- Robinhood– Free stock in companies like Ford, Sprint, etc.
More referral program ideas: The Best Referral Programs to Earn Money
3) Drive with Uber
This is a sharing economy gig that has caught on like wildfire. Driving with Uber is flexible and works with your schedule. Plus, you can cash out up to 5x a day when you
sign up for Instant Pay with your debit card.
The other neat thing is that, depending on your location, you can also sign up to deliver with Uber Eats as a delivery partner via
car, bike or scooter.
You can also sign up to be a delivery partner with Uber Eats here.
4) Freelance Writing
Once I figured out I could actually make good money as a freelance writer, I set up a Contently profile, added sample articles to the blog I started and began to send DMs to potential clients on Facebook. (The person who manages social media for a company often knows the digital editor who manages the company blog.)
Within a couple of weeks of reaching out, I began to get work from clients.
I’ve written for clients like Lending Tree, Discover, CreditCards, Inc. and many more. You can get paid anywhere from $75-$1,500 per article, depending on the niche you write for.
You don’t have to write about personal finance, though it is one of the more lucrative ones. So far, this has been a great stream of income for me and my family.
5) Become an AirBnb Host
It’s relatively simple to become an AirBnb host. You can list spare spaces on the platform to earn additional income.
Don’t have an extra house or room? No worries, you can also rent space in your backyard with a tent, a mobile home or a boat! There are so many unique listings that hosts create on AirBnb that you’d be surprised at what gets attention and what can make you money. We once stayed in a converted garage, so the listing options can get very creative!
Find out what hosts are making in your area to see if this would be a worthwhile endeavor for you.
Before you become a host, try the service out by being a guest. If possible, start someplace local so you don’t have to spend a ton on traveling just to test the service out.
You can get a credit here to enjoy your first AirBnb experience to see if you might want to become an AirBnb host.
It’ll definitely prepare you to become an AirBnb host.
6) Teach English Online
You can get paid BIG BUCKS to teach kids, from all around the world, how to master the English language. You can get paid up to $1,000 per month to teach English online for just a few hours a day. You can start the application process to become an online teacher right here.
7) Swing Trading
If you are afraid of the stock market, fear no more! This single mom, Tela Holcomb, learned how to swing trade (much less risk than day trading,) and ended up retiring at the young age of 33!
Though Tela Holcomb is married now and stays home to care for her household, she’s still in the business of swing trading and teaching others how to do it as well.
Tela’s system is so effective that she recently paid off her mom’s house and has mentored hundreds of people to go from paper trading (practice trading) to making REAL money in the stock market.
8) Buying and Leasing Properties Under $30,000
Think you can’t buy qualities properties under $30k? Lisa Philips of Affordable REI begs to differ. In fact, she’s built an entire empire of sub-$30k rentals that provides her with passive income. This income allows her to live a financially independent lifestyle.
Interested in getting into real estate without spending all your cash? Check out Lisa’s course, Investing Made Easy for more information.
9) Be a freelance bartender
For this gig, you don’t even need to go to bartending school! You can be a freelance bartender taking on all shifts you want at small, medium or large events that require a bartender. To get started, check out The Bartend Group’s website for all the locations you can work in. If you are in a major city like Chicago, Los Angeles, New York and others.
- 10 High-Paying Work-from-Home Jobs
- 14 Surprising Remote Jobs
- Guide to Finding a Remote Job
- Top 25 Companies Hiring for Work From Home Jobs
- 7 Companies Hiring Teachers Hiring for Online Teaching Jobs
10) Become a voice-over actor
My kids have earned thousands of dollars as voice-over actresses. They started as young kids and continue to book lucrative gigs voicing radio commercials and animated characters. There are more than a few ways to get started in voice-over, like creating a profile on sites like Fiverr.com, Voices123.com or Upwork and it doesn’t cost a lot of money to get started.
You can invest in a good microphone for voiceover and headphones for your computer with editing software like Garage Band and you’ll be set to go. You can also use an iPhone to send in auditions like my kids do from time to time.
11) Virtual Assistant
Not only is this income stream extremely flexible, it’s growing in demand. As our world becomes increasingly more digital, more people need more stuff done online.
I’ve had assistants and contractors based remotely all over the nation and overseas. This can be a lucrative gig if you find the right clients. I’ve got buddies in this space earning, $5,000-$10,000 a month with this hustle!
Not sure how to do that? I got you covered:
- 30 Days or Less to Virtual Assistant Success by Gina Horkey (makes $22k per month online with VA’ing and other service offerings. Check out our interview here.)
- Become a Pinterest VA-Yes, this is a thing! Brands and bloggers alike are paying big bucks to Pinterest VAs. Here’s information on how to get started.
12) Write Romance Novels and Sell them on Amazon
My friend, Michelle Jackson, writes short romance stories and sells them on Amazon. So far, she’s making $1,000 in passive income each month That’s right, she writes them once, has someone create a cover and format the text via Fiverr.com and sells her stories, with little marketing, on Amazon. She says that other popular niches are sci-fi, fantasy and thrillers.
You can also write non-fiction instructional books like my friend Joseph Hogue, who makes $20,000+ per year selling eBooks on Amazon.
13) Start a Blog
Blogging is cool a cool stream of income because it can be what I call a “gateway business.” If you don’t have money to start your cupcake truck or real-estate investing business, you can fund it by blogging about it! However, this is not a get-rich-quick scheme by any means.
It’s a business that will take money and time to grow and become profitable. You can start a blog with Bluehost for as little as $3.95 per month.
Need guidance to get started? I’ve got some free resources like a 5 video tutorial on how to start along with a resources guide for beginners. Enter your email below to access it. I’ll also post some other resources below that will help:
14) Earn income with the 3 Cs
Imagine you wake up to a $2,000 sale notification.
It’s for a coaching client. Then, another notification pops up for a second purchase at a cool $1,500. You’re vacationing in Cabo and the money is STILL rolling in.
That’s the lifestyle that Latisha Styles helps people attain!
Latisha Styles, millennial money coach and business consultant, teaches people how to earn money with the 3 Cs:
Her practical, yet effective approach helps people start and grow their online platforms in a matter of days instead of weeks. She works with coaches from many niches: personal finances, health & wellness, beauty, relationships experts and so many more. Did I mention that she’s a genius when it comes to creating funnels that help you get clients ASAP?
Check out her course: 31 Days to Build Your Platform to tap into the 3 Cs yourself.
15) Sell Your Knowledge
Do you have knowledge on a particular subject? You can be an infopreneur, selling digital products about any from animal husbandry to effective public speaking. The good news? You can sell whatever you want like eBooks or eCourses at whatever price point you choose. If you are interested in creating digital products, you can check out my course, The Profitable Genius, for more information.
16) Sell Items on Amazon
It’s estimated that 40%-50% of online shoppers check Amazon.com when looking to make a purchase online. The good news is that you don’t have to become some fancy, large-scale manufacturer to take part in the Amazon economy. You can source items from other manufacturers (or even drop in at your local Walmart or Target to find markdowns) and sell them on Amazon’s platform.
If you’d like to know more about how to start this side hustle, consider checking out Sandy Smith’s school dedicated to the entire subject.
17) Make & Sell Crafts on Etsy.com
There are 1.6 million sellers on Etsy.com! Top-earning sellers have created million dollar businesses using this artistic marketplace. You buy beautiful, handmade items or crafting components to make your own. I’ve even seen empty toilet-paper rolls on Etsy! Want to see if you can break in and make a buck or two? Check out related resources to get you going:
18) Sell Old Electronics on Gazelle
Did you know you can sell and trade in used electronics with Gazelle? Not only can you buy pre-owned, top-tier electronics like iPhones and MacBooks, but you can also earn cash for your old electronics. Don’t throw away old phones or computers, instead get cash for them at Gazelle
19) Create and Sell Tee-shirts
If you don’t think you can make money with TeeShirts, talk to Kim Springer, who made a whopping $250,000 from home selling her t-shirt creations on TeeSpring.com! Talk about a good business model. If you think you might be able to sell some fashionable designs to the masses, theseUdemy.com courses might help:
- Teespring & SunFrog: Make $50,000+ Simply Selling T-shirts
- Teespring: How I’ve Made $72,446 Simply Selling T-shirts
Bonus Income Streams:
20) Become a personal shopper at Instacart
21) Sit for children, the elderly, homes or pets at Sittercity.com or Care.com
22) Sell your services on Upwork.com or Fiverr.com
24) Become a StellaDot stylist.
Want more ideas on saving, earning extra money and just getting your finances together in general? Check out my free guide, Money Hacks 101: 50+ Ways to Find, Save and Earn More Money.
Click here or the image below to get instructions on how to access it: