4 Proven Strategies to Creating Multiple Revenue Streams
Distributing your revenue across an assortment of passive and active revenue streams is a good way to lower your financial threat, as well as grow your wealth-building potential.
The difficult part is that building several streams of income entails focus and discipline, which, let’s be truthful, it’s a silent deal-breaker for some folks.
You know who I’m speaking about. It’s that acquaintance of yours that continually has an idea of how they can make a gazillion bucks, but isn’t prepared to put in the hours and heavy labor it takes in order to attain it.
They jump from one shiny thing to the next, losing money on meaningless investments and far-fetched concepts. Well, this blog isn’t for those kinds of individuals.
The revenue streams in this blog are great opportunities for those who are prepared to work for them. Some of them may seem a little evident, but that’s part of the idea. These aren’t mindboggling, silly ideas, they have been verified time and time again.
Start with index funds
Index funds offer you a way to invest in the stock market that is totally passive. For instance, if you put money in an index fund that is built on the S&P 500 Index, you will be invested in the general market, without having to worry yourself with selecting investments, rebalancing your stock portfolio, or knowing when to sell or buy different companies.
All that will be controlled by the fund which will base the fund portfolio on the makeup of the primary index. This is definitely something to do your research on. What you will find is that QQQ, ARKK, VOO, SDY are some of the best.
Creating a YouTube channel
This is a business model that is growing quickly. You can produce videos in just about any capacity that you like — music, lessons, sentiments, comedy, show reviews — anything you want . . . then put them on your YouTube channel.
You can then attach Google AdSense to the videos, which will overlap your videos with programmed ads.
When viewers click on those ads, you will earn income from Google AdSense.
Affiliate marketing is the new, old hustle
This is a passive income method that is better suited to folks who have blogs and dynamic websites. You can sign up to endorse certain products or services on your website, for which you will be paid either a flat fee or a percentage of the volume of the sale accomplished.
Online Courses will never stop
There are serval ways you can produce your own online courses. One very easy way is to use a website like Udemy.com. Udemy as over eight million students and is a good way to get your digital content in front of others for their attention.
Once you produce an online course, it can work for you while you slumber!
What do you put in your online course? Respectable question. You can add video teachings, checklists for finishing steps you recommend in your video lessons, small e-books to enhance the lessons, audio files for individuals listening while travelling, educational interviews with like-minded specialists, and a whole lot more!