As an undergraduate, I had always sought ideas that guarantees stable multiple streams on income.
I know that salary cannot give me the good life I deserve.
I have always known that even running a marketing agency alone cannot make me wealthy.
To conquer this fear of poverty, I began the search for financial freedom.
In my journey to discover ways to make more money, one of the principles I learnt was to have multiple sources of income.
I remembered someone once told me, “There are four streams that enter into the garden of Eden to make it flourish. What makes you think having one source of income is enough to make you rich? You need at least four stable channels in which money comes to you to enjoy prosperity”
Ever since I have been in search of these streams. I have been gone round the world seeking legitimate ways to earn more money.
At some point, I started an online business that pays me daily. Yet, I know there are more streams.
I understand you may be in the same shoes of need and fear as I was some years back.
Or it is possible, you are already well to do but only need some channels to preserve your wealth. This article will bless you.
Let’s start.
7 Best Multiple Streams Of Income Ideas
1. Get A Part-Time Job
The first on my list of multiples streams of income ideas id that you get a part time job. While you may not like this, I recommend you do so.
It takes one who has eating in the morning to think of what to eat in the evening.
At the early stage of your wealth building journey, what is most important is your survival. You need to be alive to make money. You need to have a roof above you to plan clearly of your next move.
So, the whole essence of getting a job is to provide for your immediate needs. That’s all. To sustain you so you don’t have to beg or be at the mercy of your neighbour.
Then beyond survival, you need the income from your job to fund other sources of income.
And in the choosing of job, please choose part-time. It is harder to become wealthy working full time. You are simply selling your time. Except your work full-time runs from 10am to 2pm – which is almost impossible.
Take a part time job that allows you the time to start and fund other sources of income.
I took once took a full-time job that paid all my bills. Actually, that’s what they are for. It pays bills but deny you of your dreams.
This job took my time. I need to be awake by 5am to start preparing for work and return home by 8pm. Literally, I could see my life fading away little by little. I became weaker in mind and body.
Even the side gigs jobs, I don’t have time for them. I had to resign five months later after the board disapprove my request for a hybrid work setting.
So, get a job to start but don’t do full time. The, save as much as you can.
2. Get A Freelancing Side Gig
There is a possibility your salary will be low because you are on part time as I recommended above.
This means you might find it difficult to save.
Now is the time to get a side gig job from any of the best freelancing websites.
Let your salary pay your bills while you save the entire money from the side job.
Though getting a freelancing job depends more on your skills. If you have digital skills, it can be easier.
But if you don’t, don’t worry. Look in your surroundings, where can you work. Who can you help with one or two?
I know of a lady who works in a salon – her part time job. To apply my advice on getting a side gig, she met a working-class woman in her area and applied to clean her home.
Over time, this working-class aunty request she also cook for her with a salary increase as she is always busy.
Today, her income is getting more stable and steadier than ever. More on her story later…
What else can you do beyond what you are doing now? It must be something in areas of your strength so you don’t count it as work but fun.
I have three rules when it comes to freelancing job.
- Only apply side jobs in the areas of your strength so you don’t feel like it’s work.
- Get a side job close to where you live that you can walk down there or work remotely.
- Save the entire pay from your side job while the main income pays your bills.
If you follow all of three steps above, in no distance time, you will have enough to start a business of your own. That leads us to the next point.
3. Start A Business
Starting a business is one of my best ideas on this list of multiple streams of income.
It may be because I am an entrepreneur or because I know that it is the easiest way to reach financial independence.
Now you have a part-time and a side gig. The next is to start a business. I have seen so many people rush into investing with the little savings they have.
No, it is the wrong approach. Investments is not to get rich but to preserve your wealth.
So, you need to have something enough before you start thinking on investing in third party businesses.
At the beginning of your wealth journey what you need is a business that allows for active exchange of money not even passive income ideas.
Pull out your savings from the side gigs and start a business where people can pay you for the products you sell.
Why did I say products and not services? Here is my reason.
You have a part-time job that takes your time. You run side gigs that also need your time. The last you want to do is to start a service business that also need your time except you can productize it.
About the lady who works in a saloon and still runs a cleaning service for the working-class woman.
Of course, the aunty tips her and also refer her to some of her colleagues. I don’t know how she did it but she did manage them all.
Here is what she did…
It is about eight months after saving and saving as much as she can. She opened a shop where she started selling hair relaxers, body cream and other beauty and cosmetics products.
Exactly, 6 months after, she resigned.
For me, that was wisdom on her part and that is because:
- She didn’t open immediately another saloon shop that will need her time.
- She didn’t wait to quit her job before she opens the shop.
- Also, she started a business others can manage and give account.
My friend, sell something you can count. Start a business a secondary school lady can run and your money will still be complete. It is that simple.
Don’t wait to quit and then start. You would most likely fail. Instead, start while still at your job so if you make mistakes, your salary still takes care of you.
I don’t know your line of business or industry but I assure you these systems work. Follow it as I have recommended.
4. Rent Your Space
The next on our list of multiple sources of income is renting your space either to AirBnB or as shortlets.
There are lots of people coming into your state and even neighborhood every day for one purpose or the other.
Most of this people wouldn’t be staying long. This makes it a good business for you.
If you stay in a nice apartment in a good location with basic facilities like water, light, and security, then, list your room for shortlets.
A guy received a call sometimes ago from his neighbour if he knew of a vacant house to accommodate his friends.
he went in search of houses with the hope that he will collect the agent fee. Nothing is too small.
After many days of searching walking through the sun, he became fed up and replied that he didn’t see. His area is very busy so it is difficult to see an empty apartment.
It was the next day afternoon while resting his head on the brown chair with a music playing from the black woofer.
He received an inspiration, “These people coming are three. What if he give them his family guest room? No, rent it to them. After all, they would also pay money if they go the hotel.”
Immediately, he called the man and explained to him and gave him the price. His neighbour reached out to his friends and got back to him that they are okay with his deal.
My friend, that was how he earned daily charging them N10,000 per day instead of N30,000 for hotel.
They stayed for 12 days. Do your calculations. Since then, it has become a business for him.
The shortlets business is one of the top growing businesses today. It is a business displacing hotels and resorts because of the home-feeling it gives.
If you have a space, list on AirBnB or Facebook marketplace and start making money today.
5. Start Hire Purchase
When my dad retired in 2020, one of the ideas he had to strengthen his multiple streams of income was to start a hire purchase business.
Another business error… The best time to start a business is not when you retire or quit your job. The bets time is now.
Like the Chinese proverbs says:
The best time to plant a tree was 20 years ago, the second-best time is now.
If you start a business after an event (retirement, sack), you are more likely to make wrong choices because of the pressure on you.
So, it is best to start when you are breathing level is still normal. And that is now.
Back to hire purchase…
Hire purchase as they popularly call it is a business where you buy a car and hand it over to someone to drive and remit a certain amount.
I was in touch with one of my suppliers who is successful in the business. He said:
“There are two types of hire purchase. There is one where the driver pays you a certain amount daily while the car still belongs to you.
And there is another where the driver pays you daily or weekly up until a certain amount above the price of the car. But in this case, the car belongs to the driver once he completes the total payments as agreed.”
He continued,
“Oluboba, if you want to start a hire purchase business, go with the second business. You see the first, makes drivers overstress the car because they want to meet with your target.
That is where you see the driver working 247 Monday to Sunday in a bid to pay you the weekly dues. In the long run, you lose as the car goes bad most time beyond repair.
The second is better because the driver will maintain the car as though it is his own. Afterall, it will be his once he completes the payments in a given time frame.”
He also continued…
“When you are ready to start, don’t work with individual drivers. No, they wouldn’t take you seriously. He can come today that his wife is sick or that his children has not eating.
So, the best thing to do is to work with their manager at the park. The Park wouldn’t take nonsense from the driver and so your money will always be complete.
The driver pays to the park, the park credits you. They will charge a percent but it’s worth it. You still become profitable in the long run.”
6. Start An Online Business
I told you earlier on that I have always desire to know the best ideas that guarantees multiple streams of income.
When we talk about online business, most people think it is illegal or evil. No, that is a wrong interpretation.
Any business that you start, complete the transaction, and deliver via the internet is an online business.
If I write a ebook, sell online and a buyer can download immediately on his or her phone. That is an online business.
So, if you have a knowledge of the internet, starting an online business that pays you daily is another good source of income.
The beauty about this business is the freedom it gives you. You have time to do the things you want with the people you love.
Is it that easy? No!
Is it hard? No!
Your success will depend on your dedication and whosoever holds your hand during this process.
Some of the best online businesses are:
And more…
7. Invest In The Financial Markets
This is my last but not the least of the best multiple sources of income ideas.
A real estate friend called me recently that he wants to invest in the financial markets. His reason was to profit from the rising value of the Dollar against the Naira.
If you remember I told you that you only invest to preserve wealth not to majorly to make money.
From our deep conversation I realized, he only wants to beat inflation.
Rather than having the money in the bank with their many charges, he wants to preserve it in foreign currencies.
That is what you get in the financial markets.
It is a market where financial transactions takes place. And this involves stocks trading, forex trading, and crypto trading.
You can buy one currency against the other. You can buy stable coins and hold. Also, you can buy some of the best stocks in the exchange.
For you to do this, you need to register with a broker.
If you are trading forex, pick from this list of the best forex brokers.
If you trading stocks, pick from this list of the best stocks brokerage firms.
But if you want to invest in crypto, then, choose from this list of the best cryptocurrencies apps and platforms.
When it comes to investing in the financial markets, I recommend three rules:
- Always work with someone better than you in the markets.
- Only trade what you can afford to lose without tears.
- Put in place systems that reduce to the bare minimum your risk exposure.
In all, be careful in your trade.
Benefits Of Multiple Sources Of Income:
Do you desire freedom? I mean do you really want to be free?
I want to wake up on Monday morning and decide I am going to swim when many are rushing to work.
This and lots more are what you get when you start with these multiple streams of income ideas.
Theses streams gives you the option to decide what to do with your life. And that takes us to the next point.
- Live Your Dream:
Life is good to them who see it as good.
Whatever your dream may be, you need money to make it happen.
You want to go to Canada, you need money. You want to help the world, you need money. Or you want to make your parent proud, you need money.
And that only comes with many sources of income.
A single means of making money cannot fund your dream. Even if it does, you will stress the good out of it.
But with many incomes source, you have enough to give and be a blessing to others.
- Removes Uncertainty:
Even if you don’t desire to be rich, please have more than one source of income because of this reason.
Government can be funny, Your boss can be unpredictable.
You can be sack even when your company is doing well. So, don’t think until it is about to fold up before you plan your exit.
A new government can close your income source with a policy you never expect will come into law.
As a matter of facts, even technology can bring to end your business.
And so many others.
But if you have multiple streams of income, then you are safe. As one closes, the others cover up for it until you open another. It is that simple.
It’s too dangerous to put all your eggs in one basket. The problem may not be the eggs but the basket.
Frequently Asked Questions
What are multiple streams of income?
These are income streams that earns you money either with or without your efforts and time. They are sources that takes care of your needs and still helps have enough in the bank.
Why have many streams of income?
In a time with so many economic uncertainties, the best you can do for yourself financially is to many streams that flow in money. With many sources, you are not afraid if one closes as others will cover for it.
What are examples of multiple streams of income ideas?
Getting a part-time job, starting a business, renting your space, and so many other all makes multiple streams of income ideas. What is most important is that you start.
What are the best books on multiple income streams?
I will recommend books like the Psychology Of Money, Business Secrets From The Bible, Rich Dad Poor Dad, and more. You can either Jumia or Amazon to get this books.
Conclusion On Multiple Streams On Income Ideas
We have come to the end of multiple streams of income ideas.
I have explained why it is the a good a step to reach financial independence using my stories and that of others.
Just to reiterate the benefits of having multiple sources of income:
- It is the easiest way after God, and marriage with the right partner to enjoy peace of mind.
- It increases your confidence and gives you less worry than when you have just one source.
- You can go for that vacation; live the life you dream with the people you admire most in life.
- I can’t exhaust this benefit. But what is most important is that you start.
Yes! Check your current status and position and see where to move from there.
My friend, more than anything else, I wish you the best of life. Take care and stay safe.
I am Oluboba.