Creating multiple income streams allows you to become more financially secure and independent, meaning you can worry less about money and focus on what matters to you.
However, many people don’t know how to create additional sources of revenue. But thanks to the gig economy, it’s easier than ever to find income ideas like ours to help you earn extra cash to save or invest.
With some creativity and planning, you can create a foundation that will give you financial freedom and financial security for years to come.
Income Streams Quick Picks
Having different income streams and even jobs that pay the same day can provide you with more opportunities to save and invest for the future.
Here are our top picks for income streams that you could start today:
- Best Quick Money-Maker: Neighbor
- Best Overall Side Gig App: Swagbucks
- Best Investment Platform: Robinhood
- Best Store For Your Business: Shopify
- Best High-Yield Savings: CIT Bank
23 Multiple Income Streams Ideas
It has been said the average millionaire has at least 7 sources of income and takes important steps to become rich– and stay that way!
So, if you want to be like the average millionaire, it’s a good idea to have multiple sources of income.
That doesn’t mean you have to work more at your 9-5 job, but you should look for easy and high-paying side hustles and add in some passive streams of income.
Here are our ideas for the best ways to create multiple income streams:
1. Full-Time Job
While some people may dream of quitting their day job to pursue their passion full time, the stability and security of a full-time job shouldn’t be underestimated.
In today’s economy, it’s more important than ever to have a steady cash flow, and a full-time job is one of the most reliable sources of earned income available.
Also, a full-time job can provide valuable benefits like health insurance and retirement savings plans. This can be important if you have a family or need coverage for yourself.
We have found a few part-time jobs that offer health insurance, but I know many families still look for the steady income from a full-time job.
If you don’t think you’re making enough to support your family, never be afraid to approach your bosses and ask for a raise.
You may even have to think about quitting your job for better opportunities. Sometimes you need to branch out and get more out of a different full-time job.
2. Rental Income
Many people view a rental property as a significant upfront investment because of the mortgage, utilities, property taxes, etc.
But rental properties can provide an extremely lucrative income stream, especially for those looking to retire early or become financially independent.
One of the rental income ideas we love is to lease out extra space in your home that you’re not using.
If you have a shed, garage, unused bedroom, a finished basement, or even just some extra closet space, you can post it on Neighbor as a rental property and create a second income stream today.
My suggestion is to have garage sales or sell stuff on Decluttr. That way, you can clear out space, make money, and then post your empty space on Neighbor to make even more.
3. Pick A New Side Gig
If you’re looking for a way to make extra income and start building wealth, consider signing up with a passive income app.
Steady is an app that provides a hassle-free way to earn money for what you’re already doing. Whether doing simple tasks, walking your neighbor’s dog, or doing odd jobs around the house, you can get paid for it with Steady.
The best side hustles you could apply for on Steady are social media management, proofreading, bookkeeping, freelance writing, and so much more!
You can also use Steady to track your income stream and look for Income Boosters, meaning the app will help you manage your cash flow plus get more money for your work.
4. Online Courses
Writing an online course is a great money-making idea where you can share your knowledge with others and get paid for your skills.
The great thing about online courses is that they can be sold repeatedly without putting in any additional work except for updating the information from time to time.
You don’t need any particular skills or experience to create a successful course; it’s about imparting helpful tips and giving your perspective on your topic.
We’ve taken courses on running Facebook ads, flea market flipping, and more to learn how to make money ourselves. So whatever you know how to do, you can teach others and make income passively from your lessons.
The initial investment required is not very much – all you need is a computer and an internet connection. Then you need to create your lesson plans, record yourself doing the process(es), and share it with the world.
Once you create the course, you can put it on a platform like SkillShare and sell it to people interested in learning what you have to offer.
5. Start Blogging
You can easily earn money blogging- within this one income stream idea, there are a bunch of money-makers to get your cash flow going!
You can make money from affiliate links (like Amazon products), sponsored articles from brands and affiliates, or even your own products and services (like merchandise from your favorite band!).
Then you simply need to write about what you enjoy, something people will be interested in, and learn how to monetize it.
6. High-Yield Savings Accounts (HYSAs)
A high-yield savings account is a savings account that offers higher interest rates than a traditional savings account. This can help you grow your savings more quickly and provide a passive income stream.
Once you have opened an account, regularly deposit money into it and watch your balance grow sooner!
7. Investment Accounts
Another way to create passive income streams is to start investing. There are many different investment accounts, but some of the most popular include mutual funds, ETFs, and individual stocks.
You make money in stocks from capital gains, which is the difference between the purchase price and an asset’s selling price. There is also a chance that you could lose money if the asset’s value decreases.
Robinhood is great for new investors looking to start in the stock market or even cryptocurrencies. Betterment is very helpful for many users since they’re a Robo-advisor that moves your portfolio automatically, so you earn more money across your investments.
However, it’s important to remember that all investments come with risk. Before investing in a brokerage account, be sure to do your research and understand the risks involved before you start investing.
8. Affiliate Marketing
If you don’t know much about digital real estate, you should learn how to get started and use it to make easy cash with affiliate links.
Affiliate marketing adds to your multiple income streams and earns passive income while you sleep, and it can be a great way to supplement your income from other sources.
Affiliate marketing is when a business has an advertising relationship with you and pays you a commission for each visitor or customer you send their way.
You can promote products or services that you use and love and then earn a commission on each sale on your blog, videos, or website.
Want to learn more about affiliate marketing? Check out how to make extra income with your blog and affiliate marketing with this FREE eBook!
9. Real Estate Investing
Investing in real estate investment trusts can get you on your way to building wealth. A REIT is a type of investment vehicle that allows investors to pool their money and invest in a portfolio of real estate-related assets.
REITs can offer many benefits, including regular income, diversification, and the potential for long-term growth. Plus, they can provide tax advantages in some cases.
Investing in real estate with Fundrise can be a way to diversify your investment portfolio with an eREIT.
Fundrise is an eREIT that allows you to invest in a portfolio of properties without putting down a large upfront investment or managing the properties yourself.
Investors interested in adding REITs to their portfolio should consider their investment objectives, minimum investment, risk tolerance, and time horizon before making any decisions.
As with any investment, there are risks associated with investing in REITs and investors could lose all or part of their initial investment.
10. Online Stores
Starting an online store is another way to generate an extra stream of income. With an online store, you can sell products or services to customers worldwide.
In our case, we have created many printables for people to buy and use to make managing money easier, and Shopify makes it much easier to showcase and sell our products.
You can also open an Etsy store, sell things on Facebook Marketplace or eBay, or sell things in person at your local mall or through a store near you.
The key to success with online stores is to choose the right platform, build a strong branding strategy, and create marketing materials that will appeal to your target audience.
11. Monetize Hobbies
Have you thought about generating extra income by starting a side hustle with one of your hobbies? A side hustle is a project or business that you work on in addition to your full-time job.
The key to success with a side hustle is choosing something you’re passionate about and then finding a way to monetize it.
Many people will use their artistic talents to create things and sell them online, Just look at the most popular items to sell on Etsy– you could make and sell all kinds of things!
Another way to monetize your hobby is to offer classes or workshops. You can teach others how to do the same thing you’re passionate about. This is a great way to share your knowledge and expertise with others while earning income.
12. Freelance Writer
Whether you’re a stay-at-home parent looking for extra cash or a recent college graduate looking to start your career, freelance writing can provide the flexibility and opportunity you need.
Becoming a freelance writer means you get hired to write for somebody- like some blogs hire writers to help create articles like this for you to read.
If you are serious about becoming a freelance writer, then Earn More Writing is worth checking out. It could make the difference between earning a few hundred dollars per month and earning a full-time income from your writing.
Many people are surprised to learn that proofreading can be a viable source of income. What’s more, proofreading can be done from the comfort of your own home, making it a perfect way to earn extra money.
There is a tremendous demand for proofreading services with so many different sources of written content these days – from website articles to social media posts.
If you have an eye for detail and a passion for language, you can provide a valuable service to businesses and individuals alike by carefully reviewing and editing written material.
We recommend learning more about starting a proofreading business with Proofread Anywhere’s FREE workshop.
14. Becoming A Virtual Assistant
These days, more and more people are looking for ways to make money from home. And one of the most popular options is to become a virtual assistant.
Virtual assistants are in high demand, and the demand is only expected to grow in the coming years. As a virtual assistant, you can provide a wide range of services to businesses and individuals, including administrative support, customer service, and social media management.
The best part about becoming a virtual assistant is that you can work from anywhere. All you need is a computer and an internet connection.
You can find free training with $10kVA to get started as a VA and get your business off the ground.
15. Write Books
We talked about writing for others online with freelance writing, but we’re sure you’re writing can go even further into a great book!
Writing books can be a great way to generate extra income if you have ideas people will be interested in reading. Many authors have told their own life stories, but you could start with something small like a children’s book and start working on your novel at the same time.
While it takes time and effort to write a book, once it’s finished, you can sell it over and over again, providing a passive income that can help supplement your cash flow from other sources of income.
And, with self-publishing platforms, it’s easier than ever to get your work out there into the world. So if you’re looking for a way to make some extra money, writing books is worth considering.
16. Stream Videos Online
Streaming videos online has become a popular way to make extra income while having fun. Whether it’s gaming videos, vlogs, or even just everyday clips of life, people are willing to pay to watch other people live their lives.
Creating and posting engaging videos can attract a large audience and generate income from advertising or sponsorships. You can also sell access to your videos on a pay-per-view basis.
If you’re good at playing video games, you can start streaming your gameplay on platforms like Twitch or YouTube.
And, as your audience grows, you can start monetizing your channel and earn a passive income by partnering with brands or selling merch.
Not sure how to begin streaming videos? Mastering YouTube can help learn how to attract an audience and monetize your channel.
You could go from $0 per month to thousands with the course’s guidance!
17. Become An Influencer
With the rise of social media, influencers have become increasingly popular, and many businesses are willing to pay for access to their large audiences.
To become an influencer, you’ll need to build up a following on the social media account on one or more social media platforms.
By posting interesting and engaging content that people will want to share, you can attract a large audience. Once you have a sizable following, you can partner with brands or sell products and services to your audience.
You may also promote or sell your items or services or help other people do so. If you can grow your audience and establish yourself as an expert in your field, you can make a very healthy income as an influencer.
18. Create Printables
Printables are a great way to earn extra income. By creating and selling them online, you can reach a broad audience and make a significant profit.
The best part is that you can sell printables on various platforms, including your website or blog, social media sites, and online marketplaces.
All you need is a computer, an internet connection, and some basic design skills to get started. You can use programs like Canva or even Word to create designs and your basic setup, then jazz it up for users.
You can create fill-in printables or sell Canva templates online for businesses to edit as they need for print or digital promotions.
Once you have created your printables, you can promote them to potential customers. You can quickly build a successful business selling printables with a bit of effort.
Here’s a FREE eBook sharing the best seasonal printable products to capitalize on and start making money.
19. Sell Designs
One way to diversify your income is to sell your designs outright. This could mean selling individual illustrations or graphics or even entire design packages.
You can find buyers for your work by setting up a shop on an online marketplace or by reaching out to clients directly.
If you’re not sure where to start, many helpful guides and resources are available online. By diversifying your income streams, you’ll be better able to weather any economic downturns and keep your business afloat.
20. Use Your Car
Most people rely on their cars to get them from point A to B, but what if your car could also help you earn a bit of extra money?
Your car can create many other income streams than driving you to your day job!
If you have a valid driver’s license, you can sign up with a ride-sharing service or food delivery service, which are both great options to work your own schedule and earn money whenever you want.
There are quite a few delivery apps you can join to start making money, but here are our favorites:
21. Take Photos
If you’re looking for a way to make some extra money, you might want to consider taking photos. With the rise of stock photography sites, it’s easier than ever to sell your photos online.
You can choose to sell your photos individually or sign up for a site that allows you to sell your photos as a bundle.
Some photo sites allow you to license your photos, which means that people can pay to use them for their own projects.
Another way you can make money taking photos is by selling photos of your feet. This might sound like a weird money-making idea, but there is a market for photos of feet, and you can make a decent passive income if you’re able to take quality photos.
22. Take Paid Surveys
Taking paid surveys online is another way to earn free money in your spare time. Many different companies offer paid surveys, and new opportunities pop up all the time.
The best part is that you can choose which surveys to take, they just give you options for a few income ideas, like surveys, games, videos, and more.
Some of our favorite paid survey sites to earn income are:
23. Use All Your Skills
There are many ways to create a stream of income, but one of the best ways is to use all of your skills.
You may have a whole skill set not being used at your current job, so check out job sites to see what services people are offering and give it a whirl to get your own extra cash.
You can start with proofreading or freelance writing like we talked about, but there are hundreds of options that can match your skills.
Frequently Asked Questions
What are the benefits of having multiple streams of income?
Building multiple income streams can be an enormous benefit for anyone looking to improve their cash flow and passive income.
It can provide a buffer against unexpected expenses, help you save more money, and allow you to achieve your financial goals more quickly.
Perhaps, more importantly, having multiple income streams can give you peace of mind by ensuring that you are not relying on a single source of income which is especially important if you are self-employed or have a volatile income.
What are the different types of multiple streams of income?
Some categories for incomes streams would be full-time jobs, side hustles, investments, and more.
There are many different types of multiple income streams within each of these, and we discussed the most common and the best money-makers that are currently out there.
Some of the most popular include owning a business, investing in stocks or real estate, and receiving passive income from rental properties or commissions like affiliate marketing.
What should I think about before starting multiple income streams?
When starting multiple income streams, ask yourself some questions about your goals and objectives to determine how many streams you want to start.
- What are you hoping to achieve with this additional income?
- Are you looking to save for retirement or buy a new home?
- Or are you simply looking for a way to make some extra money in your spare time?
Once you know what the money will be for, you can get your financial goals in mind and work on your income ideas.
You should carefully think of your skills and how much free time you have to put into another income stream before you pick one.
For example, starting a business is great, but if you don’t have many hours to make or find products and then get them shipped out, then you may want to consider something that’s easier to fit into your schedule.
There are many benefits to creating several active income streams. By diversifying your sources of income, you can protect yourself from financial instability and build long-term wealth.
And with these 23 ideas, you now know that you have endless possibilities to grow your wealth without sacrificing your time and energy.
With many of these ideas, like blogging, delivering food, investing, and writing, you can work a few hours a week and make an extra $1,000 per month.
Plus who isn’t excited about finding high-paying ways to work from home?
While there is no single path to success, developing a mix of passive and active income sources is an excellent place to start and make enough income to reach financial freedom.