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Ways to generate multiple sources of income

Clyde Buie

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Ways to generate multiple sources of income

Most people will have one or maybe two sources of income in their life.

A good way to build your wealth is to have multiple streams of income.

Many highly successful wealthy people practice this, and obtain, keep and grow their wealth with multiple streams of income.

More income streams benefit you by not only increasing your cash flow, but also creating security. If for some reason your main income stream is disrupted, you still have other forms of income and you can stay financially secure.

Here are some ways to generate multiple sources of income.

Diverse investments

Your investments should not focus on solely one sector, and instead you should have a diverse investment portfolio. This can be done through diverse stock market investments, investment bonds and hedge funds. These all will provide a form of passive income and will create diverse income streams.

Sell something or offer a service

You could have extra time on your hands to provide a service to people such as ridesharing app driving, gardening etc. which can form another stream of income outside of your main income. You could also sell things that you make or don’t need, which also creates a bit of extra cash coming in.

Real estate investments

Real estate is a great form of income. Buying a property which you can lease out to tenants can create a passive income stream every rent cycle. You could also buy property and flip it for a profit, which is another form of income stream, however this will take more attention and action to do so.

Having multiple income streams creates a higher cash flow and provides financial security for yourself. It is important to have diverse income streams, in order to maintain security if one stream of income was to be disrupted.

I am a Chicago - based reporter for Forbes covering breaking national news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2018 and 2019. I graduated from the University of St Andrews in 2016, majoring in International Relations and Modern History.

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Things rich people do in order to stay rich

Clyde Buie

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Things rich people do in order to stay rich

The world has a number of highly wealthy people who all got there in different ways, but the outcome is the same, wealth. These wealthy people would also have methods they pursue in order to stay at their level of wealth.

They are not necessarily smarter than the average salaryman; however they have mastered techniques and methods to obtain wealth and to keep their wealth.

Here are some things that rich people do in order to stay rich.

They have a financial mindset

Wealthy people will often have a mindset that is concerned with financial growth and how to continue it. They will have creative ways to pursue riches, as well as keeping a mindset that focuses on their goals of success and wealth.

It is this constant mindset that keeps them pursuing new ways to create wealth in order to keep it.

They have a network of professionals and people with similar mindsets

Wealthy people usually like to hang out with other highly successful people.

This network allows them to have more connections and opportunities to create more wealth. It also allows them to maintain and grow their financial mindset by listening and socializing with other people who share the same mindsets as they do.

 

They have multiple streams of income

Wealthy people will have multiple streams of income, whether that be through investments or entrepreneurial pursuits, they will usually have more than one form of income. This ensures that they have a constant cash flow.

The rich are creative in their financial pursuits, and will always be looking for ways to grow their wealth. This coupled with a financial mindset and a network of wealthy professionals and connections, creates multiple income streams in which they obtain, keep and grow their wealth.

 

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How to invest your money and turn it into wealth

Clyde Buie

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How to invest your money and turn it into wealth

There is a vast amount of information on investing your finances, with various methods to do it. With so much information available to us nowadays with the Internet as a major information platform, it can be easy to get overwhelmed with what exactly to do. When you invest money, you are buying a small piece of a company with the intent of increasing the value of this piece over time. Investing is not a get rich quick method, but with the correct investments, you are sure to bring in some extra money.

Here are some ways to invest your money and turn it into wealth.

The stock market

The stock market is a great place to start investing your money. The stock market lists a whole range of companies which are offering parts of their company for sale. When you buy a stock in a company, you own a tiny portion of that company. You should be looking to increase the value of this portion over time. When the company profits, the value of your portion increases, as well as when the company grows. With this growth, the price of your portion increases, which you can then sell at a later date for higher than what you bought it for initially.

Investment bonds

Purchasing a bond means that you are loaning money to a company or the government. The company or government will then pay you interest on the investment over the bond’s duration. Investment bonds are usually a safe investment, but the return is much lower than riskier investments.

These are some ways to invest your money, and with the right investments picked, over time, you can turn them into more money and wealth. Generally, the higher the risk and amount you put into the investments, the more you can earn, and lose.

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Ways to make extra money on the side

Clyde Buie

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Ways to make extra money on the side

You might be stuck in a situation where you need extra money, maybe you aren’t going to make rent this next cycle, or maybe you have some free time and want to earn a bit of side hustle money. Either way, it’s always helpful to have a bit of extra cash coming in.

Here are some ways to make extra money on the side.

Become a ridesharing app driver

Uber, Lyft and Ola are all apps available to the public for ridesharing.

These apps allow you to join, if you have a clean driving record, and become a driver to transport people to their destinations. If you have some extra time after your normal job, this is a good way to make some extra money on the side and is relatively simple to get into, provided you have a car.

Join market research studies

There are numerous market research studies available looking for participants. These can be found over the Internet, and range in pay depending on how much needs to be done and the duration of the study. These are easy ways to make a bit of extra money and don’t take much effort usually.

Sell off old items on Ebay or Amazon

There’s sure to be a bunch of old items you have lying around your property that you don’t need or use anymore. Many of these items can be sold on websites such as Ebay or Amazon, bringing in some extra cash. These items could be books, second hand appliances, sports equipment/gear and clothes.

These are some relatively simple ways to make extra cash on the side. It is always good to have extra cash coming in, and it would be wise to look into some of these ideas which can provide quick busts of capital.

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