7 income streams

Earned income is in most instances your primary income stream through a traditional job. Most of us start out ‘earning a living’ this way and for many this will be the only way they earn an income. This can be limiting as you do not set the wages, or if you are self-employed your time will dictate your maximum earning capacity.

Yes, some jobs can pay well and have great perks but imagine if you thought outside the box and investigated other income streams. And by this I do not mean quit your job or throw in your already successful business, as any successful Entrepreneur knows when starting out having a cash cow is a smart idea.

Options you may consider:

Profit Income: This type of income generally involves selling a service or product for more than it costs. This could be establishing an online store selling products that perhaps compliment a current business, we currently do this by retailing Business Boxes online. You could join a Network Marketing Company as a retailer, we have been Independent Distributers with Forever for 7 years selling health products online. You may decide to sell a service, become a consultant, perhaps you are an accountant and could offer a bookkeeping service, something that does not conflict with your employment. However, be aware offering a service will mean more hours from your day.

Dividend Income: This is delving into the world of stocks and shares; this may frighten you but investing in an appointment with a broker to start with could save you a lot of mistakes.

Rental Income: This has always been our preference and we invested heavily into the property market whilst working traditional jobs, it gets back to the cash cow again! Employing an agent to manage your property is also worth the small amount it costs (and tax deductible) as this way you can concentrate on further income streams.

Capital Gains: This is the increase in value of your asset, for example shares or investment property. Perhaps you purchased your property for $100,000 and sold it for $200,000 5 years later that is a capital gain of $100,000. Yes, there will be tax implications in generating a profit but as I always say it’s great to pay tax as that means you are generating wealth.

Interest Income: Currently it is difficult to generate much from this stream however generally it would mean investing money that may be sitting stagnant into a high interest account.

Royalty Income: An excellent passive income if you can get it. Musicians are the most known for this type of income, but perhaps you have designed something like a fidget spinner and sold the rights for someone else to produce but you collect royalty’s from each one that is sold.

There are so many options for earning extra income. If you would like to have a chat further about your possibilities, then get in touch with Tim and we can arrange a consult.