Depending on a monthly salary can be frustrating, that's why having multiple streams of income is so important. With rising living standards, making it to the end of the month can prove to be difficult.
Many people actually depend on having multiple streams of income, in fact, almost 50% of millennials rely on a side hustle to make ends meet, according to a recent Bankrate study. So learning to make money outside of your job is beneficial for most people.
Thankfully, there are plenty of ways to make money over and above your monthly salary. In order to do this, you would have to fully utilize your time and resources you already have like renting out your car on the weekend or freelance writing.
Of course, there may even be opportunities to earn an income while you are sleeping which we call passive income.
Whatever income streams work best for you, the important part is that you're earning more money. This is possible through these simple avenues to make extra cash and earn multiple income streams.
How I Created Multiple Streams of Income
First, we'll share the methods I've used to create multiple streams of income. After, I'll share some side gigs you can start creating many income streams as soon as today.
1. Getting a Part-time Job
A part-time job is an obvious way to make more money. Whether it is in the evenings after work, at night or on the weekends, a part-time job will help you make an extra amount of cash that can increase your living standards, your savings ratio or act as an emergency fund.
It really depends on you on what would fit you best as a part-time job; it may or may not be related to your job or interests. There are plenty of options here but it would probably be best to find a location that is closest to your office or home so you do not overspend on traveling costs.
2. Taking on Freelancing Gigs
Freelancing tasks are popular online jobs a lot of people use to make money. If you are already working as a web designer, for instance, freelancing gigs on Fiverr would encourage you to utilize your expertise for extra income.
By setting up a website, you would be able to advertise your services for a very low fee. Freelancers often join freelance portals to reach out to clients, so you may want to consider joining freelance circles and markets to increase your chances of landing jobs.
The good thing about this option is that you are engaging in work that interests you most. If managed adequately, you would also be able to fit in time during working hours when your workload is low or when you are not expected to attend meetings or complete urgent tasks.
3. Start a Blog to Make Passive Income
Blogging is a brilliant way to earn money online from home. By just blogging passionately about your interests or expertise, you would be able to earn multiple streams of income through advertisements by Adsense, blog advertising and product reviews – these are just a few of many options.
Blogging can be done during your working hour’s free-time or after working hours – sometimes in front of the television. Since a blog is like a website and is on 24 hours a day, you will be making money even while you sleep!
4. Having a Disciplined Savings Regime
Money grows money – so find saving options with high dividend returns and park a percentage of your salary there every month. It could be a simple dividend-base savings account, insurance plan or mutual fund, but the bottom line is, the more you save, the more income you will generate through dividends and other forms of ethical returns.
5. Invest in Small Businesses with High Returns
Small start-up companies often need capital in order to embark on their projects. In return, they either pay dividends or have a unique profit-sharing scheme that you could be able to enjoy for a stipulated time period.
Look out for small-scale companies with high-income growth potential and consider investing capital into their businesses.
Of course, you should do this with care, to curb risks of dealing with scammers. Also, remember that these sorts of investments are risky so seek advice from financial consultants or existing investors before venturing into this avenue. With the right investment scheme, you may end up making a lot of money.
Want Multiple Streams of Income? Check Out These Ideas
Making money is not a difficult task anymore. We are living in a modern world where trends have changed, and you can easily create multiple income streams for improving your finances.
Who does not need money? Everyone could benefit from a multiple of just a second income stream.
It is one of the basic necessities of life, and one can never have enough of it. Even if you are earning a considerable amount of income through your full-time job, by creating a second income stream you can prepare for emergencies or live a more luxurious life.
Simply put, it is always better to generate some other sources of income so that you can enjoy life to the fullest and fulfill all your needs and desires. For those who are looking for some wonderful ideas to generate some extra cash, we have got you covered.
Following is the list of the top streams of income you can use to earn multiple income streams. Take a look, pick up a suitable one, and start making some money.
6. Listing Your Spare Space on Airbnb
Airbnb is a popular hosting site where you can list your apartment, flat, room or a house for renting out. No matter how simple and small it is, listing your place here would help you to make money. It allows you complete control over prices, your house rules, and availability. It can connect you to hundreds of travelers who are in search of unique accommodation like yours.
7. Rent Out Your Car
Renting out your car or starting a car fleet can be a profitable venture. One effective approach is using peer-to-peer car rental platforms such as Turo or Getaround. These platforms enable you to list your vehicle, set rental rates, and manage bookings. They offer a convenient way to connect with potential renters, handle payments, and provide insurance coverage, ensuring a secure transaction for both parties.
8. Make Money in Rental Income
Arrived is a great real estate investing platform to use if you want a low minimum investment threshold for real estate investing. You can get started with as little as $100.
It’s an especially useful tool to use if you want to diversify your portfolio and have someone else handle all the work that comes with being a landlord. All you really need to do is sign up, and collect your rental income each quarter.
The management fee is a modest 1% asset management fee, but it’s worth it considering how easy it is to get started. You can sign up for free and view the different properties available to invest in. Buy shares of properties, earn rental income and appreciation — let Arrived take care of the rest.
- Invest in rental homes with as little as $100
- Earn passive income from rent payments
- No landlord duties—Arrived manages everything
- Diversify with properties across the U.S.
- Easy sign-up and no accreditation required
9. Score Cash Taking Surveys
Survey Junkie is a fantastic site that helps you to get cash rewards by completing the online paid surveys. By participating in surveys, you share your opinion about multiple companies and brands, and it can help them to improve their quality of services and products.
Join SurveyJunkie, be productive, share your perspective and get rewards. Make your profile and the surveys that match your profile will be shared with you so that your participation can be meaningful.
- Share your opinion to help brands deliver better products and services
- Fast payouts, legit, and our favorite survey site
- Has paid out more than $25 million to its members
10. Get Paid $60 for Installing a Mobile App
Here is another excellent way of earning $60 a year just by getting your devices registered with Nielsen. It is very easy to earn through Nielsen Mobile. You will have to answer some questions regarding your devices and household for registration.
After that, you can download the Nielsen app on all the devices that you registered. The app is entirely free and safe to download. Once the app is installed, you can keep on using your devices as you usually do and you will be rewarded.
- This company will pay you $60 a year to keep their app on your favorite internet browsing device
- They also give away $10,000 each month
- Legit passive income opportunity
11. Start Making Passive Income Investing in Real Estate
Fundrise is a real, much better and desirable alternative to stock market investment. With Fundrise, you deal in the private real estate market that allows you to invest just like the super successful institutions.
This real estate investing app enables you to access unattainable assets, and you can become a real estate investor no matter what your net worth or total income is.
It’s really that simple. These companies can be found on main stock exchanges and invested in that way or brokers can help investors find REIT mutual funds or ETFs too. You can get access to real estate investments by using apps like Fundrise that let you invest in REITs and can get started with only $10.
- Earn passive income with real estate investing starting at just $10
- Easy-to-use app for seamless access to crowd-funded real estate deals
- Perfect for those who want their money to work for them
12. Invest in cryptocurrency
If you’re just starting out with small sums of money and want to get your feet wet with investing — try cryptocurrency like Bitcoin.
Bitcoin is a type of digital currency that you can use for digital purchases or you can trade like stocks. To buy and sell cryptocurrency including Bitcoin, you’ll need to use a Bitcoin exchange.
Don’t miss out on the next Bitcoin surge, your $500 can go a long way. You can get started by checking out the best places to buy Bitcoin such as Robinhood Crypto.
- Trade crypto without commissions
- Manage crypto, stocks, and more in one app
- Trade anytime, day or night
13. Join a Top Rewards Site to Earn Beer Money
Swagbucks is a legitimate and safe site that offers points called Swagbucks that you can redeem for some cash. You can earn a little extra through this site by making it your default search engine.
Besides, you can watch different videos, complete different surveys, shop online, and download multiple apps to get rewarded.
- Earn points by taking surveys, playing games, and shopping online
- Redeem rewards like PayPal cash or gift cards to top brands
- Join millions who’ve earned over $800 million with Swagbucks and get a $10 welcome bonus
14. Get Paid for Taking Surveys and Watching Videos
For those who want to earn some extra money online, InboxDollars is a helpful option. It offers several options for you to get paid to watch videos and play games. You can also get rewarded by completing the questionnaires.
The more actions you complete, the more you can be rewarded. It is among the easiest ways way to create extra multiple income streams.
- InboxDollars is a legitimate way to make extra money online
- Been around for 20 years
- Paid its members more than $59 million since 2000
- Free $5 welcome bonus
15. Invest Your Spare Change with Acorns
Ever taken out an old jacket and found a few coins in the pocket? Feels like free money, I know. Imagine if you’d put that pocket change into an investment, and watch it grow to a small fortune.
Well, over 8.2 million users are doing exactly that using Acorns, one of the most popular micro investing apps among millennials.
Thanks to their Round-Ups® feature…
Next time you go to the grocery store, get your morning coffee, or buy gas for your car…
Acorns will round up your purchases to the next dollar and put the extra amount into an investment account. This way, you can simply go about your day, and let Acorns do the work for you. Plus, you can also set up recurring investments on a daily, weekly, or monthly basis, so you can save and invest with minimal effort.
Right now, Acorns even offers a $20 bonus for new users.
- Effortless investing: Acorns rounds up your spare change and invests it automatically—no extra work required
- Big potential growth: Investing $100 a month could grow to over $180,000 in 30 years with a 9% return
- Free money: Sign up, fund your account with $5, and set up recurring investments to get a $20 bonus
Building Multiple Streams of Income is Key
Depending on a monthly salary can be frustrating. Making it to the end of the month can be difficult. Learn to make money with multiple streams of income.
There are plenty of ways to make money outside of your job. Find ways to do so by utilizing your time, expertise and existing money (i.e. savings). With the right options and avenues, you may find that you are making money 24 hours a day with these multiple streams of income.
- 1. Getting a Part-time Job
- 2. Taking on Freelancing Gigs
- 3. Start a Blog to Make Passive Income
- 4. Having a Disciplined Savings Regime
- 5. Invest in Small Businesses with High Returns
- 6. Listing Your Spare Space on Airbnb
- 7. Rent Out Your Car
- 8. Make Money in Rental Income
- 9. Score Cash Taking Surveys
- 10. Get Paid $60 for Installing a Mobile App
- 11. Start Making Passive Income Investing in Real Estate
- 12. Invest in cryptocurrency
- 13. Join a Top Rewards Site to Earn Beer Money
- 14. Get Paid for Taking Surveys and Watching Videos
- 15. Invest Your Spare Change with Acorns
