woman holding piggy bank income streams

Wealth Mindset: Ideas for Creating New Streams of Income

There is a stat floating around the internet stating that the average millionaire has 7 streams of income. If you’re not a millionaire yet, this likely begs the questions, what is considered a stream of income, and how many do you have?

When researching income streams, you will discover that there are active streams and passive streams.

Active Streams of Income: these are situations when you do work and you get paid for it.

Passive Streams of Income: these consist payments that are not directly tied to the work you do. An example of passive income would be interest and dividends. 

Here are a variety of Active and Passive income streams to consider:

1. Selling information products, such as ebooks, courses, etc 

2. Rental income 

3. Affiliate marketing 

4. Flip retail products (think upcycled furniture and antiques)

5. Peer-to-peer lending 

6. Dividend stocks 

7. Creating an app 

8. REITs (real estate investment trusts)

9. Investing in a high-yield savings account 

10. Renting out your home short-term 

11. Advertising on your car 

12. Creating a blog or YouTube channel 

13. Renting out useful household items 

14. Investing in a business 

15. Selling stock photos 

16. Licensing music 

17. Network marketing 

18. Designing t-shirts 

19. Selling digital files on Etsy 

20. Vending machines 

21. Getting a part-time job in addition to your full-time job 

22. Starting a side hustle 

23. Increasing your prices for existing services