The average working person has one stream of income, while the average millionaire has several streams of income invested in a varied portfolio. In order to live more comfortably, get out of debt, or retire at your will, you may need to create several different streams of income. Several streams of income makes you much more secure, as when you lose one, there is no emergency, nor a need to scramble due to strain.
At first, the thought of coming up with more money each month can seem daunting, but there are simple methods for increasing monthly income and wealth. Here are some ways to increase your income without hard work and with a certain amount of enjoyment.
Go in on someone else's business
Almost everyone knows a friend who is an entrepreneur. Even if you do not directly know someone who is looking to build a business, you likely have trusted friends and family who do. One method to increasing your monthly income and net worth is to invest in a business. Not only will you be helping someone who is looking for co-owners or shareholders, but you can begin a great professional relationship and gain further opportunities. Go over their business idea from start to finish to find out if it is a worthy investment.
Invest in an annuity
Annuities are products that should be used by many more individuals. Annuities are essentially an investment that provide you with a monthly income as the return. Annuities can have high monthly incomes or lower monthly incomes, depending on the original investment. Investing in an annuity is serious business, as you want to make sure there will be a proper return. Check out the firm with the Better Business Bureau and through customer reviews to determine if the financial company (such as Fogel Capital) is legit.
Become a consultant or aid for other businesses
Selling is not a passive method of income, as it requires you to maintain stock, advertise list items, and communicate with customers. Instead of becoming a seller, you can aid sellers by creating listings for them in your spare time, or by helping to provide sellers with research on how well their products may sell. By becoming a consultant, you can make your very own rules. You have the ability to set your own working hours, your own fee schedule, and any other parameters that make your work life easier. There are always businesses being run and new businesses setting up shop, which will provide you with job security.