Today, it has become completely impossible for anyone, to pay for their rent or mortgage, taxes, heating and electricity bills and other financial obligations with just one income. Furthermore, the unstable economy has further created a fear among the general population, about job security. Having various sources of income ensures piece of mind, that you are able to meet your financial obligations at the end of the month.
If your thinking about adding Multi streams of income to your working life, you may be asking yourself a crucial question “ How can I do this?” There are a number of ways of creating Multi-Streams of Income, lets look at a few of the most easiest and practical ways for anyone to do:
1.Using primary income as leverage.
Let face facts, in today’s economic and the state of our banks, it is virtually impossible to obtain a bank loan to start a new business or venture. However, there is a simpler and cost efficient way to fund your ventures. You just need to focus on your primary income as a way to fund your ventures.
First thing you should do is reduce your overall expenses, If you live in a 5,000 a month penthouse in the city center. You can look for a cheaper place perhaps, a one bedroom in the range of 1500 a month or you can sublet one of your rooms in your house. Give away your car, if you live in the city, try taking the transit or walking to work. This will save you money on, gas, insurance and car maintainience. Anything you can think of to reduce your overall, living expenses, you should start to do immediately. For the next few months, you should set aside, the extra money you are saving to invest in your new stream of income.
2.Monetize your business with Umarp.com
These days, it is easy to start your own business with little to no money. However, the challenging part is turning your business into a success. A business needs time, hard work and dedication. As, it grows the reality is that you will eventually, need some form of investment. Where a bank loan or a private investor, to take your business to the next level. Fortunately, these days there is one solution, that is Umarp.com. Umarp.com is an informational platform, here to educate and help local business thrive in an ever changing world.
At Umarp.com with minimal investment your business can thrive. Perhaps, you can use your saving from your primary income to invest in your business at Umarp.com. Umarp has everything you need, from listing your product/ services, to selling your custom products/services, sell personal items in then market square, create an event, and/or and promote it with umarp.com. Most importantly, create a Umarp.com channel were you can connect your business to B2B and B2C customers worldwide.
3.Buy into crowdfunded real estate
Real estate crowdfunding is a new type of investing that allows anyone the opportunity to finance real estate projects. There are essentially three types of crowdfunding, firstly the equity platforms, that allows each users to subscribe and purchase shares of risk capital of the companies owning the projects Secondly, Lending platforms, which allows users to invest money for the purpose of granting loans to real estate projects, which is then repaid through a fixed or other means. Thirdly, we have Hybrid platforms, that can offer both equity and lending of funds to projects.
These types of crowdfunding platforms can yield good result with low a low investment, However, it can take on average a longer time to see the profit then an interest rate from a savings account . However, according to recent statistics, the average return on investment for a crowdfunding platform could be between 8% to 16 %. In the long run, it can be considered a good passive income.
4.Investing in a high-yield CD or Saving account
Sometimes, the best investment is the easiest and most obvious. One of the most important lessons we learn from our parents is how to save money. Although the world has changed a lot in last 50 years or so, the same principles apply. Investing in a high yielding certificate of deposit CD, or saving account with the highest invest rates can generate a passive income. Today, we have the luxury of investing in online banks in different countries. So, we can choose, which bank and which country would be to our benefit.
Although, this maybe a good way to produce a passive income, you should not exceed $250,000 per investment. According to FDIC, this is the standard insurance amount of each depositor, per insured bank. In the event that a bank fails, FDIC ensures that each depositors get access to their insured deposit. Thus, your investment is safe. There are some cases in which your depositors maybe eligible for coverage over $250,000, if they have funds in different ownership categories and all FDIC requirements are met.
5.Car Ads
Although, this may not be the most profitable revenue stream compared to the above choices. Car advertisement although relatively new, can earn you some small monthly income. On average, people spend more time in their car , then at their place of residence. We spend many hours driving to and from work, shopping, visiting friends, going to the gym and running our errands on a daily basis. Most of the time , our cars can be an expensive investment, from car maintenance to insurance, to high and rising costs of petrol. Well, maybe car ads might be a good way to offset your monthly costs.
On average, you can expect anywhere between $50 to $250 per campaign, with some drivers making as much as $500 per month. The best way to get started is to contact an companies such as Nickelitici, Wrap, or Carvertise , which will evaluate your driving habits and create a campaign for you. They will place the ads on your car at no additional costs to you. So car ads are a smart way to offset your monthly costs and make a passive income.
Article & Website Disclaimer
No Investment Advice
The Content within this article is for informational and educational purposes only, it is only the opinion of the creator, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site and/or articles constitutes a solicitation, recommendation, endorsement, or offer by Umarp or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site or Articles constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on the Site before making any decisions based on such information or other Content. You should always consult a professional financial adviser before making a sound decision
