Summary: Want to create passive income? Here are four income stream ideas to try out.
Studying about millionaires and billionaires is quite interesting. Why? They are more often than not regular and ordinary people, who with their sheer dedication and remarkable discipline have achieved everything they ever wanted to.
Successful millionaires too have twenty-four hours a day, but they use it differently from the rest of the world. One thing which is common among them apart from being wealthy is that they have multiple streams of income.
According to an article on CNBC, 65% of millionaires have three sources of income, 45% of millionaires have four sources of income, and 29% of millionaires have five or more sources of income streams.
Passive income is a powerful tool. It can increase your wealth passively. So, here are the top four streams of income that will boost your bank accounts.
Before we begin to tell you about the different streams of income, we would also like to allow you to hone your leadership skills with the best motivational speaker- Dr. Vivek Bindra at the most powerful business training event ‘Leadership Funnel Program 2.0’.
1. Real Estate Syndications
Passive income streams are one of the basic wealth-building blocks. Every person on this planet only has 24 hours in a day. No matter how much you can actively work, you will always hit a limit on how much you can earn and how much you can save.
With passive income, you can turbocharge your wealth generation as you will continue to make money even as you sleep. Real estate syndications are one of the best passive sources of income. It is a group of investors that purchase a particular commercial or multi-family property. These investments feature yearly returns of around 8% and typically run for about five years. Apart from these above-average returns, when syndications sell the purchased building, investors are provided with a 30%-50% lump-sum return at the end of those five years.
2. Investment Income
Investment income is another common type of passive income stream that will grow your wealth. This category is more generic as it includes dividends from equities and bonds. These investments will not pay life-changing money, but as you grow your wealth, the stock market is a fantastic place to park your money safely while it grows and earns quarterly or monthly income. The key to wealth building is diversification and making smart investments can help you achieve that goal.
Another way is to attend India's most powerful business event ‘Leadership Funnel Program 2.0’ with Dr. Vivek Bindra who is a business coach to many corporations in and outside India.
3. Business Income
Many people do a side-hustle to earn extra income. This may look ordinary, but in the long run, it can help you to grow your wealth exponentially. Whether making or selling something or providing services, owning a business opens up a world of limitless income possibilities. Suppose you're a copywriter and you are quite good at your work. You can find clients and work as a freelancer and earn something extra. You can reinvest it in your business or you can leverage your side gig to save more money tax-free.
4. Renting Out Your Car
From BlaBla to QuickRide Carpool & Taxi peer-to-peer rentals have become remarkably popular. Many companies were hit during the pandemic and sold many of their cars. You can turn this into a side business of sorts. It's not just property you can invest in and rent — if market trends continue, renting out cars is fast becoming a viable income stream!
If you want to grow your wealth, you need multiple streams of revenue. Relying too heavily on one stream typically is risky. What happens if you lose it? Similarly, if that singular income stream requires work, you limit how much you can make because there are limited hours in a day that you can work.
All of the four streams of income above are fantastic ways to grow your net worth. If you haven't already, consider diversifying your portfolio by implementing the income streams suggested above! It will help you to increase your wealth passively.
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