Have you been yearning for the best additional income out there? Here is your guide to the different types of legitimate additional income you can start today.
But before we go on, you must know; the only way to succeed is to pick one method and master it. Don’t fall into the trap everyone else does. They see a bunch of things they like and try all of them at the same time only to discover that none of them work.
Nothing will ever work if you don’t give it your full attention. You must begin with the end in mind. Yes, in the end you are going to want to have multiple stream of additional income but, the only way to do this is to pick a method and focus one step at a time. Only move on to the next method once the previous one has been mastered.
HERE WE GO
You know you want multiple streams of income. I mean, once you understand the idea, there’s no way you wouldn’t want to have multiple streams of income. Most people who learn about the concept “multiple streams of income,” say, “Yes, that’s exactly what I want!” Please understand, that more than one legitimate additional income stream is not really an option anymore. If you only have one stream of income coming in you could be in more trouble than you think.
If you are that person who does not understand the value of a legitimate additional income stream; Listen up! Just ask yourself the following questions.
- What happens to your future if you get fired tomorrow?
- What happens to your future if your business closes down?
- Do you know what the future holds for your current industry?
- How would that effect your family?
- Do you have an additional stream of income to soften the blow?
- Do you understand how important it is to have more than one stream of income?
So now that you and I both understand the importance of an additional stream of income; you need to know the types of legitimate additional income streams available to you.
Option 1 – Entrepreneurial Work
If you work 9-5 at a standard job; you will need to find a skill, trade, or investment that you can work part-time at night or on weekends. Here are some legitimate additional income streams that might be good for you…
- Personal Trainer – Get paid anywhere between $40-$120 an hour.
- Tutor – in anything you’re good at. Get paid between $25 -$100 an hour
- Sell your extra stuff online – depends on stuff
- There are a ton more, but I am trying to keep this short
Option 2 – Passive Income
Passive income is income that comes from work you did one time and doesn’t require much maintenance afterwards. For example…
- Writing a book
- Owning Real Estate
- Affiliate Marketing
- Again, more options but I’m trying to keep this short
Option 3 – Residual Income
Residual income is income you receive month after month for making a sale once. Ideally you would want to find a residual income opportunity that grows overtime, so you get more bang for your buck. Here are some examples.
- Insurance Sales
- Subscription Business
- Network Marketing*
- And many more
(*Network Marketing is the only one you get paid more and more from the initial sale as time goes on, as opposed to the other ones where you get paid the same per sale as time goes on and you just need to make more sales.)
Whatever it is you choose that best suits you; make sure you do your research on the ones you are interested in. Make sure it is a legitimate additional income opportunity. Focus on the one you choose and master it. Once you have mastered your new legitimate additional income stream; move on to the next one.
Which one did you choose?