I believe some of you (including myself) who only has one full time job are trying hard to find ways to in building wealth to meet your own specific financial goals.
In general, for average working adults with one source of fixed paycheck, after deducting all necessary expenses, you can only save a fixed amount (maybe 10% or more) for savings & investing monthly.
In order to try my best to build my wealth, I'm trying to find ways to increase my income in order to increase in my investment capital.
Creating multiple streams of income will not be easy as it will takes time and effort.
Please be mentally prepared that it may not turns out to what you expected and it takes longer time (maybe months or years) to see the results.
But I believe that we have to start one way or the other.
1. Start a Blog
If you like sharing your thoughts, your interest, what you've know or what you've learnt in wordings that may add value or benefit others, starting a blog may suits you.
Start a blog will have no cost and is easy to set up.
Think of the topic you want to share & who are your target audience.
You can monetized your blog via AdSense and Affiliate Links which is the most commonly.
See how much you could earn from AdSense with minimum monthly page views.
Estimated earnings in North America for a Finance Blog:
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| Source: AdSense |
2. Start a YouTube Channel
Similarly a blog but more to visually and audio is what you've preferred, starting a YouTube Channel will suits you.
Start a YouTube will have no cost and is easy to set up.
You can monetized your YouTube Channel via Adsense, Affiliate Links and Sponsorships which is the most commonly used.
But to monetized your YouTube Channel, you must meet must meet eligibility thresholds related to watch time and subscribers to apply for YouTube Partner Program (YPP).
For more information, visit YouTube Monetization Policies
3. Sell Your Photography / Vector Graphic Files / Video
Personally I'm using Shutterstock Contributor.
You can view the Earnings Breakdown to see how much you may earns.
You can use my affiliate link to sign up as Shutterstock Contributor.
Definitely is not easy and it will not happen overnight to see tons of money coming in.
It will takes time, efforts and consistency to see results and also importantly how value are your contents to your targeted audience.
There are many ideas in internet in creating multiple streams of income.
Eventually you may find something that suits you and earn income.
Reasons that I've listed these 3 types of income
- No cost involved to kick start.
- Digital assets.
- Can work anywhere & anytime via mobile or laptop.
- No inventory cost.