Well, you have heard very correctly. One should not be dependent on a single source of income, in fact not just 2, one should have 3 to 4 source of incomes.
Now, this might sound crazy to have 3 to 4 sources of income but take my word for it.
So, you’re interested in the second source of income- a “side hustle” to use the parlance of our times. Be careful, because your time is limited, and you don’t want to waste time and effort on a venture that won’t work.
Acquire Multiple Streams of Passive Income that will exceed your monthly debt obligations while allowing a substantial portion to be reinvested for continued wealth build up.
This is my definition of True Financial Freedom, as well as what most of my wealthy clients believe in, It is no longer about setting a goal based upon a number like 1 million Naira in net worth. This isn’t a bad goal, but it may not provide what the real needs are. Most people want to achieve a lifestyle, not a figure in a bank account, and this means having both the money to do what they want as well as the time to do it when they please. Too often this goal is out of reach because those with the time never earned enough passive income, and those with a high income need their jobs to support their lifestyle and thereby lack the time.
Here’s my answer for developing a second source of income.
Offer a service or sell something.
Let’s say your investment portfolio is fully diversified, but you’re still aching for more streams of income. You can pick up a part-time job for sure, but there might be a better way to earn cash on the side. By offering a service or selling something, you can create a small side business that you get to control. This is the business that made me so much money
early this year. You can check it out.
When it comes to side businesses, experts say your best strategy is finding something to sell.
If you sell something – specifically through a third-party company – to diversify your income, you may be able the to build a passive income that builds slowly over the years. Unfortunately, you usually have to recruit people to sell under you to do this, and that is a deal-breaker for many.
And, let’s face it; not everyone wants to sling body wraps or nutrition shakes to their family and friends. That’s why offering a service is often one of the best, and least uncomfortable, ways to earn side income doing something you love. Maybe you want to clean houses or rake leaves or help people file their taxes. It’s totally up to you, and that’s the beauty of this option.
Invest in Liquid Investments
This is pretty straightforward. You park your money in a savings account and the bank pays you an interest rate that is not even helping you keep up with the inflation rate. You should only choose this option when you cannot get better returns on your money from anywhere else.
Good dividend stocks can pay you up to 4%. Of course, there are high dividend stocks that offer a yield that is much higher than 4%. But, the yield is high for a reason. It’s not as safe.
You should know that it’s never late to start investing in dividend stocks. Because this is one of the best ways to grow your wealth passively.
Personally, I love passive income.
I mean, who doesn’t?
But, I love business income more.
It has much much more upside.
You can build it, grow it and scale it up.
There is also the satisfaction and thrill that you get from building a profitable business.
Nothing quite beats that.
If you are working at a full-time job, can you still build a business on the side?
The answer is a definite yes.
Even if you can only put in half an hour a day, you can get a lot done within a couple of months:
- Find a profitable idea
- Test and validate your idea
- Get your first paying clients
- Generally speaking, the service business is the fastest to get started with almost zero startup cost.
If you have a sell-able skill, you can turn it into a service that people need and are willing to pay for.
For example, if you are good at designing, you can offer graphic design services. A lot of businesses need designers to help create their marketing materials.
If you have a lot of knowledge and experience in SEO, you can offer SEO consulting services on the side. Companies would be happy to pay you good money to get them on the first page of Google for their desired keywords.
Even if you don’t have any sell-able skills, you can try Affiliate Marketing Business.
These are the EXACT steps I took to get my Affiliate Marketing business started:
Step 1: Find a profitable product to sell
Step 2: Identify your target audience
Step 3: Craft an irresistible offer
Step 4: Generate Leads
Step 5: Close the sale and make thousands via commission.