Having multiple income streams is a good thing for your financial health. Having multiple streams of income helps you maintain a healthy life style even during economic distress.
Here are some income streams anyone can generate when planned and executed properly.
Freelancing:
Freelancing could be a great income source, whatever your skill you can always find freelancing work in your free time, whether it could be a software engineer or an electrician you can always find some freelancing outside your regular work. You might not be able to find the work right away. Start small and over time you could be able to gain some popularity and works comes finding you instead you finding the work. This costs no money except for your time and knowledge.
Blogging:
Blogging can be really a good income source, pick your interests and find a niche that suits you and start blogging. There are different ways you can monetize once your blog gets traction, ex: ads or affiliate marketing. It costs you very little money to start a blog.
Consistency is the key with blogging, your first blog post might not be good but your 100th or 200th blog post will be way better and you get traction.
Youtube:
Making youtube videos is something almost anyone can do, and it has proven for many you-tubers to be a great income source and in many cases primary income source.
There are multiple types of videos you can make for youtube, most common are educational, informational, entertainment, and vlogs(video blogging).
The principles are the same for blogging and making videos for youtube, pick a niche, and start making videos doesn’t matter how bad they are. Your first video might not be great but your 100th would be better.
Content Creation/ Tutorials:
This is one of the best ROI (Return on Investment). Share your knowledge with the outside world by turning them into tutorials, It is estimated that the online learning market would be a trillion-dollar market very soon. So whatever is your talent you can create tutorials and sell your content on sites like Udemy, teachable, Pluralsight, etc…
This can be a real passive income once you create the course most times you don’t have to work on it again and it produces income while you sleep when someone purchases your course.
Podcasts:
Podcasts are growing in popularity very much and they are a lot of vacuum in the podcast space. If you are thinking about YouTubing or Blogging you can convert them to a podcast by adding audio. You can monetize your podcast by getting ads or promoting products or content with sponsors.
Stocks:
Stocks can be a great passive income generator, start investing doesn’t matter how much small you make or have, investing in dividend stocks generate a good amount of money over time. Investing $10000 in a 5% dividend stock will generate $500 per year and you might also get appreciation on the stock over time.
Real Estate:
Investing in real estate, if done with care can be a great income source. Having cash flow with multiple rental properties can be a good stream of income. If you are worried about the maintenance of rental properties there are other options like Fundraise. Fundraise invests money on your behalf into commercial and rental properties. So far Fundraise generated 5-12% of annual returns, which means your $10000 investment could generate anywhere between $500 – $1200 per year which could cover your streaming or utility bills.
There are many other sources you can try like writing ebooks and sell them on Kindle or other places. You could start a Shopify store and dropship whatever you want to sell and many more.