Everyone wants to increase their income. This is true for those starting out, those with a decade’s experience, or those thinking about retiring. But when they say they would like to have more money, few ever say what types of income streams they would like to have. Or what income they would like to increase.
If you’re salaried, you’d be conditioned to think that that’s all your income can be. It would be pretty much the same if you’re self-employed. The first thing you have to understand if you want to increase your income is that your paycheck is an income and not the only income you can have.
The Different Types of Income
1. A side gig
Aside from your primary job, you could do a freelance job or work during the evenings or weekends. These could be tied to your area of expertise. For e.g., if you work at a gym, you could part-time as a personal fitness instructor.
2. Create a physical product
Maybe you’re great at designing jewelry or phone cases. If you can do it as a side hustle and find sellers either online or through brick-and-mortar stores, that’ll be an additional income for you.
3. Real estate
The housing market is hot right now. This will be an appreciating asset if you research well before you buy. If buying and flipping sounds expensive, you could look at commercial real estate. Most of them are at their lowest due to remote work.
One of the types of income that is popular among the youth is stock. This requires some expertise, but the good news is that almost everything to learn about stocks is available online now. If you do your homework and are patient to stay in it for a long time, your investments will start paying dividends well into your golden years.
If you believe you have enough expertise in a field to share with others, you could start a blog. It will take some time to build traction and get enough followers. But once you have a sizable following, you could earn income from ads or affiliate marketing.
6. Digital publishing
While blogging is the gateway, what can build a brand out of you is digital publishing. If you can write a book – a short book will do – on a niche and market it well, you could be looking at a passive source of income for years.
7. Start a business
It would be better if you can invest in a business with others. That minimizes your risk while building another stream of income. What’s better, if you decide to sell your shares later, you’ll be making more money out of it.
The more sources of income you have, the better off your finances will be. Therefore, if you want to increase your income, you should have a clear understanding of the different types of income that you can earn. Hopefully, the above list has been of help.
Related Reading: Multiple Streams of Income You Can Build Today