If you are tired of living paycheck to paycheck, you need to have multiple income streams. Working a normal 8-5 job may not deliver much financially and let’s not discuss the limited number of hours in a day!
Ultimately, you need to find passive sources of income. How then can you achieve this?
Stocks are securities that signify ownership in a certain corporation. Stocks are listed in a securities exchange and then buyers and sellers are connected in buying of shares. The players in this market are linked by a broker who does the exchange on behalf of an individual. As an investor in stocks, you earn cash dividends from the issuing company on agreed terms and periods. This ensures that you have money in your account without necessarily putting in working hours; the company does business with your money and pays you for investing.
When a retailer pays you for any traffic generated to their business from a referral, you are an affiliate. Create quality content and look for referrals from various platforms in order to develop a proper affiliate career. This is a major way of earning money and can be easily done remotely. It is all about promoting products and the clout you have on social platforms could also help a lot.
Unit trusts are a scheme where investors pool money together for use by trust managers to further invest and eventually earn a return for themselves and investors. The trust managers invest in securities or other investment types that are stable, highly liquid and short term. Most unit trusts such as money market funds require low initial investment and are easy to join. They also offer competitive rates. Essentially you are not stressing on ways to grow your cash balance, it is done for you and you earn a profit, so yes, you make money while you sleep!
There are a lot of things that you probably own but do not use. So why not sell them? Platforms that allow for selling second-hand stuff are on the rise and enable an individual to access quick cash without stressing. The costs to upload pictures and delivery are all you have to contend with, and this could be factored in the markup!
Now, this option is capital intensive, but real estate is the gift that keeps giving. Whether it is land, rental yield, capital appreciation, there are many ways through which you can leverage property in order to make money from it.
Financial experts advise that for financial independence, you must have multiple streams of income. So, sit back and figure out which of the options appeal to you. Let your money work hard for you.