Coming out of the 2020 Corona Virus pandemic a lot of folks are looking for multiple streams of income ideas to either help with getting them back on their feet financially after a job loss or to supplement their current job’s income. It has never been more important than it is today to start or increase you income diversification so that you can continue to save, invest, and give back.
I will be going into a brief overview of what it means to have multiple streams of income and then give you some ideas that you can implement today to start generating multiple streams of income into your own life right now!
What are multiple streams of income?
The short of it, multiple streams of income are various incomes coming from different sources. The income can be active, meaning that you are exchanging time and/or effort to generate that income (i.e. typical job, freelance work, ride share driver, etc.).
The income can also be passive meaning that you put in a little or a lot of effort up front and then that effort(time/money/knowledge) continues to generate income into the future without much or any future effort on your part. (This is what we want to eventually have most if not all our streams of income to be).
Below I have provided three multiple streams of income ideas that you can implement today! My recommendation is that you pick one that resonates with you and focus on getting it up and running and mastering it before starting another one.
I am sure you have used a ride share service at some point (Uber, Lyft, Juno, etc.). Seems to be more popping up every year. As people are caring less about how close they live to their place of employment and more and more individuals opting to not own more than one vehicle for the household (or no vehicle at all), these companies are becoming more in demand than ever and need drivers…like a lot of drivers!
If you have a reliable car and willing to have a stranger or two you might have to make small talk with then this could be a great side hustle. There are plenty of drivers that make this a full time income in some of those highly populated cities.
Check them out here:
Become a Lyft Driver (Offering a sign up bonus at time of writing)
Income Idea 2 (active/passive): Freelance/blogging
Freelance and blog writing has been around for years but as you might have noticed the internet is not going away and you are in fact reading this on a blog website so this stuff works! There are many places to start your own freelance/blogging work and I would recommend finding a niche you are passionate about and/or that you have a lot of knowledge about.
There are a lot of high traffic websites out there looking for guest writers or ghost writers that will pay you to write articles on their site! Now in the paragraph title I wrote “active/passive” and I truly mean that it can be both. Almost every passive income stream typically started with being active at first and freelance writing/blogging is no different. Monetizing a website you built with dozens of articles and hundreds of organic visitors will bring you passive income without you having to write for it anymore.
I would suggest getting some of your own content online first as some of these sites want to see some of your work before they will let you write on their site. There are plenty of websites that allow you to create a blog site for free and get started writing about your niche such as google, blogger, or my personal favorite – wordpress!
My favorite place to learn about starting your own website, writing content, and eventually monetizing all of it I would highly recommend Wealthaffiliate.com. You can join for free and browse the content and you will quickly see how comprehensive and robust their training is for individuals looking to get into the digital space!
Check them out here: www.wealthaffiliate.com
Income Idea 3 (Active/Passive): Affiliate or digital marketing
Breaking into the affiliate or digital marketing space can be daunting with so many educational programs out there telling you how they can make you “rich quick” with their “secret sauce” on selling or marketing online. Stay away from them at all cost! Like any business, becoming a digital marketer takes time, knowledge, and money to get going as well as your time.
>> Check out our #1 Multiple Streams of Income Idea Here >>
Time is probably the most flexible here but is also what is going to take you as fast or as slow as you want to go in building the business. The more time you take in learning the craft and mastering what it takes the quicker you can start to earn.
Income idea 2 and 3 really go hand in hand as internet marketing or affiliate marketing is typically done by setting up a site to drive traffic to, capture their data, and present them with products or services you have either created or that someone else has created and willing to pay you a percentage of the sales.
Again I would recommend here Wealthy Affiliate for the most comprehensive training to get up to speed and you can really go with income idea 2 or 3 or both very easily with them. If you are just focused on wanting a great Affiliate program to market to other business minded individuals then I would highly suggest Fundwise Capital.
They specialize in business loans/lines of credit and not only would they be great for the starting business owner like someone wanting to get into affiliate marketing but they have a get commission percentage on anyone you send them that gets a funded loan through them.
To check out what loans are available go here >>
>>If you are interested in learning more about Fundwise Partners go here >>
Final Thoughts
We only hit the tip of the iceberg here with the concept and ideas of multiple streams of income. The two main take always are one, having multiple streams of income in your life is essential to becoming financially independent and will bring less stress in your life and a feeling of peace towards money.
Second is that you can really go a lot of different directions when looking to bring another stream of income into your life depending on you knowledge, seed money, and time you have to put into the venture.
Please leave a comment below on your thoughts on this article and if you get a chance to check out any of the ideas above please let me know what side hustle you decided to start!
To your success!
Hey Daniel, thanks for this awesome article on your top 3 multiple streams of income! Personally, I’ve found freelance writing the hardest income stream to develop because I got many applications that were rejected from high traffic websites despite having experience with writing online articles. Doing Uber as a full time job wouldn’t be a bad deal as long as the incomes steady. Perhaps I’ll consider doing uber once I get my drivers license. I like affiliate marketing because it is a great way to monetize my website with minimal capital and wealthy affiliate is the website that taught me everything I know. So thanks for your recommendation and all of this great info on uber driving, affiliate marketing, active/passive income, freelancing, and blogging.
This a grewat little list you have written here. Driving is always a handy way of making cash and i’m never stuck when i have a set of wheels. Freelance blogging and affiliate marketing is something that you can do both of whilst completing the same task. Just depends on whether or not you want to blog for your site or for others
The ideal position to be in when it comes to earning a living, is to have multiple streams of income. And as you say, passive is the ultimate goal to aim for. Being a driver for other people might appeal to those that enjoy driving and sitting in traffic, but it is not for me. I prefer affiliate marketing and blogging, and have used the Wealthy Affiliate platform to get training and all the support you need to grow an online business. All the best.
The Corona pandemic sure had an influence on our jobs and income, but the good news is that online sales have boomed. So as you mentioned in this wonderful blog post, writing articles on a blog and doing affiliate marketing, would be a good thing to solve this problem. I am sure going to check out Wealthy Affiliate, thanks!
I dream with having one stream of income online. How would it be if I manage to build now one but several income streams. I will consider doing several of your suggestions simultaneously. I already started with affiliate marketing. But I will give free lancing a try. I already have a profile on Fiverr but I will publish my first gig.