Even if you’re not looking to live a luxurious life, the ability to buy whatever you want, when you want, is a dream worth pursuing. Chances are a single source of income is not going to be the path that will take you there. According to the book “Rich Habits,” 65% of self-made millionaires have at least three streams of income. Robert Kiyosaki, the author of “Rich Dad, Poor Dad” often jokes that a “J-O-B” stands for “Just Over Broke.” While it is possible to make a good living with a high paying job, you’re also making a huge assumption that you will remain employed. Think back a few years ago in 2008, when some of the most loyal and hardworking employees were cut and forced out of their jobs.
Reducing your expenses can only help so much. Therefore, your best bet is to begin identifying ways to generate multiple streams of income. One of the challenges to attaining this goal is a lack of belief. The majority of our population has not been exposed or realize how easy it is to begin generating multiple income streams TODAY. From Acorn to Zillow, generating more income has never been easier.
In Joe Dominguez’s book, “Your Money or Your Life,” he states that money is something we choose to trade our life energy (time) for. Every money tree begins with a seed and therefore, to generate more sources of income, you have to take action. Start by identifying what you’re willing to trade your time for to create that extra source of income. Here are some activities you can begin today.
1. Rideshare (Uber, Lyft): Depending on the city, Uber drivers can average $12/hour working part-time. While this isn’t big money, you can use it to plant another financial seed, pay off your debt, or make better use of your free time.
2. Freelancing (Fiverr, Upwork, and Etsy): Anyone with a unique skill can trade their skills for money. Fiverr is a place where you can perform tasks and services, starting at $5 per job. I’m an active buyer on the site and noticed that many people sell services well above $5. Upwork provides similar services with a flexible pricing structure and range of services. Etsy is an online buyer and seller community similar to eBay, except it focuses on hand-crafted or vintage goods. If you’re good with your hands and have a passion for creating goods, Etsy is a great place to check out.
3. Content Creation (Blogging/Vlogging/Podcasting): With more than 3 billion people on the internet, sharing your message has never been easier. No matter what format you choose, all these platforms allow you to monetize your work. In addition to ad dollars, other opportunities may come up such as speaking gigs, endorsement deals, or books. The sky’s the limit to what you can achieve, and the barrier to entry is relatively low. If you’re interested in blogging, WordPress provides a user-friendly platform, YouTube is king when it comes to vlogging, and Anchor allows you to create and distribute a podcast in minutes.
4. Flipping: Buying low and selling higher is the essence of business. You can quickly sell unused or unwanted items online. Letgo, OfferUp, Craigslist, eBay are all great websites to sell. You can also research prices differences among the websites, buy from the lowest site, and resell the item on the site that sells it the highest.
5. Investing: If you’re not already investing in a retirement fund, you’re missing out on a ton of money. Not only are you missing out on the power of compound interest, but also on some tax benefits as well. For those wanting to get their feet wet in investing, it may be worth looking into Acorn. Acorn is an app that allows you to contribute small amounts of money in different investments. It’s free to use and does not require a minimum balance of other investment funds.
No matter what money seed you plant, I recommend sticking with it for a while. Business Management guru, Peter Drucker, says you don’t become good at something till about a year and a half later. Chances are, you will make a ton of mistakes in the beginning, but if you’re persistent and learn from your mistakes you, you will be well on your path to financial freedom.