How to Create Multiple Income Streams?
During the month of June, I started a private Savings Challenge Group on Facebook. I shared tips on how automating your money transfers and paying yourself first is key to reaching your personal finance savings goals. However, I know that sometimes the money we earn from our day jobs just isn’t enough.
At one point in time, I had a full-time job, worked part-time as a tutor and started my own consulting business (yes, all at the same time). Your girl was tired but I had a goal in mind! This is when I really started to focus on creating both active and passive income streams. I wanted money flowing in like water, so I could stop waiting/depending on that one paycheck from my day job. I currently have 6 streams of income and will be launching my 7th this Fall!
Active Income vs Passive Income
There’s a difference between the two and you will need to decide which of the 2 would you like to start with first. I’m a firm believer of starting with 1 stream (and being successful at it) before moving onto the 3rd, 4th or 5th stream.
Starting a Business
Selling E-courses or other Digital Products
Creating an App
So are you leaning towards an active or passive income stream?