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