In this article, we’ll discuss multiple streams of income ideas. I’m sharing this because anyone can start right now with any one of these different income sources. 

All these income sources provide me with approximately $25,000 with varying degrees of passiveness. I’m sharing this because I want to show what the art of possible is. 

So, this is definitely possible. Most importantly, you can actually start now. I’m sharing this mainly because I hope it inspires you to correct your course, reflect on your journey and think about how you can start now. 

Now, you only need six income streams actually to reach financial freedom. You can definitely do the long pass, where you save up and invest every single year and then boom, by the time you’re 65, you can fully retire and enjoy retirement. 

But this article is really to say how you can accelerate your journey to financial freedom so that you can build more economic security and have more time and freedom. So, I would really encourage all of you to start creating more and more income streams. The more income streams, the more you can take off, the faster it is you feel financially free to build more time freedom and make work optional so that you can spend more time traveling, being with your family, connecting with your friends, having more experiences right now rather than waiting till 65 years old.

6 Multiple Streams of Income Ideas that you should follow

1st Stream of Income Idea (rental income)

The first income stream is rental income. Now, I’ve been investing in rental properties in Canada for more than a decade, right? You know, all the way from Ottawa to Vancouver to Hamilton, Edmonton, and Estevan. Over these years, I’ve been basically collecting properties, and I love the fact that you invest once, your tenants pay it off, and then you get this lifetime source of income.

Now, you don’t need a large amount of capital to start. I’m going to share some tips on how you can live mortgage-free, allowing you to grow your capital and invest in real estate. For instance, if you have a basement that could be utilized better, you can convert it into a legal income suite. Or, if you have a room that’s not frequently used, you can turn it into an Airbnb rental. These are just a few examples of how you can start generating extra cash flow with minimal initial investment. 

Because mortgages tend to be your most significant expense in life, growing your capital can help you buy a rental property. If real estate investing is not for you, you could purchase real estate investment trusts, which are basically like owning real estate except in the stock market. You’re just a shareholder, and you collect a distribution every single month.

After five years, it has become increasingly passive, so I give it three stars because there are tenants who have moved out. Even if you have a property manager, they still bug you, or there’s a significant expense that comes up, and you have to pay for a broken stove or a roof repair. Hence, this is why I’m giving it three stars.

2nd Stream of Income Idea (Dividend income)

The second source of income is dividend income. Now, the rule of thumb is it takes about three hundred thousand dollars to make one thousand dollars per month of dividend income. 

Before you feel overwhelmed with the idea, “Oh, that’s a ton of capital, how can I start?” I would say, look, you can actually start right now with as little as ten dollars by opening an account with TFSA or RRSP. 

You can buy dividend-paying stock, and then when you start purchasing dividend-paying stocks, you use the dividends that pay you money right now and reinvest it back into the dividend stocks, which is known as a DRIP. 

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They do that automatically with banks, or you could do this manually. You buy different dividend-paying stocks, but the point is that you have to compound the dividends. 

So, you’re getting paid 200 dollars a month in dividends. In five years, that would become 300, or in 10 years, it would become a thousand dollars. You don’t need a total of 300,000 right now. It could compound over time, and I’m well surpassed the thousand dollars per month that you’d be collecting. 

If you want to earn a thousand dollars starting right now, you should keep in mind that for an investment of 300,000 dollars, you can easily earn a four percent yield. With time, this yield will compound and increase to six percent and eventually to eight percent. It is due to the effect of compounding over time.

One of the things I appreciate about dividend income is that you make an investment once, and as long as you hold onto it, you have a continuous source of income for life. As for the level of effort required to maintain this income, it is relatively simple. Overall, I rate it four out of five stars.

3rd Streams of Income Idea (investing in stocks)

My next income source is options, mainly selling put options. What this means is that I am willing to purchase a hundred shares of stock at a significantly lower price. Someone else is willing to pay me to put out a contract to buy those hundred shares as a form of insurance for taking their shares if it drops down to the price that I am interested in buying them at. So, this is just the same as investing in stocks, except I’m just getting paid to wait to invest in those stocks that I really want to own a hundred shares of. I do this a lot with my high-conviction stocks. 

This strategy works best if you have the capital to buy a hundred shares of stocks and if you always want to own a hundred shares of this stock. It’s the same as investing, except you have to buy higher shares when they go on sale. 

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Suppose you are a real estate investor and have a ton of equity sitting in your rental property portfolio, or you have a lot of business income that you still need to reinvest and are just letting it sit there. In that case, this is a great opportunity. Because selling put options does require capital, but if you have the capital, then it’s so passive to collect this source of income.

In terms of how easy or how much work it is to maintain this income, it’s pretty straightforward. I would give it 4 out of 5 stars. But selling put options is definitely a more advanced strategy. 

If you are willing to put in the work and get educated, then this is a tremendously great strategy. You have to be comfortable and confident with picking individual stocks or willing to put in the work to learn and fast-track your journey to becoming a sophisticated investor.

4th Stream of Income Idea (sponsorships and affiliates)

My next income stream is sponsorships and affiliates. It is only sometimes consistent income because I get spurts every so often. I’ve also recently signed sponsorship contracts, which are more of a recurring source of revenue, but those contracts are only sometimes guaranteed every single year.

Now, I think anyone could start this right away because as long as you love the product or service, you love their service, so why not promote that service or that product with an affiliate link? Like Uber or Airbnb, you could pass the discounts on to your friends and family. This is why anyone can start doing this right away.

Of course, if you combine this with an Instagram account and YouTube, where you have a ton of traffic coming in, then this becomes even more powerful and way more sustainable. I would give this about three stars in terms of the amount of work. 

Okay, it’s quite a bit of work. It’s not that easy to do, but you can start right away. You need to maintain an Instagram and YouTube account to get this ongoing source of revenue. So, it’s about two to three stars out of five.

5th Streams of Income Idea (ad revenue)

My next source of revenue is YouTube ad revenue. This is probably my newest form of revenue because my channel is still relatively new and has a pretty small community. 

Upfront work is a ton of work to build videos because you have to research, you know, edit it, and then tape it, let me record it. But anyone can start a YouTube channel, so this is why anyone can start this and start building their community.

If you don’t like YouTube, you could do podcasts, but what I’m trying to get at is try to make your community that you can start right now with very little money. 

It could be just using your camera or your camera and your microphone, and voila, you start building your community. And there’s a compound effect because then you could get sponsorships or ad revenue, which I get from YouTube.

So, in terms of sustainability, this is probably a bit more work. Give it a three to two-star rating. You do have to build more videos to maintain these and collect the ad revenue, but the more videos you have that you’ve worked on, the more it compounds. 

Eventually, the two years of videos still collect ongoing ad revenue, especially if it’s a video that can help anyone anytime in their life rather than just some, you know, latest news. That video will do better. But if you have evergreen content, you can definitely collect a very long-term source of ad revenue. I would give it this as two to three stars out of five in between there.

6th Stream of Income Idea (building a digital product)

My next income source is online courses. Anyone can start building a digital product or have a service that they can offer and scale as a digital product. See, when I started working on creating more sources of income, way back when I was an engineer in training, I was moonlighting as a tutor and as a model to really survive living in Vancouver because I was living paycheck to paycheck. 

Now, fast-forward. I have two online courses. One is on real estate investing, really how to scale your rental property portfolio in a very short amount of time. The second one is on accelerating your journey to financial freedom using stocks. 

Both these courses are passive. Okay, there was definitely a ton of work upfront to set it up, promote it, and build that product. But once it’s done, it’s just. It’s already built. Then, now you have to promote it and sell it. Obviously, it has to serve the needs of people who really want to take those courses.

Anyone could start building a digital product. Maybe you love writing. You can write books and sell them on Amazon, like ebooks. So, you only have to write once, and then you could scale it to where you have produced many, many, many of those products, but you only had to invest upfront once. 

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If you know how to sell things on Etsy, you could build a course on how to start a business on Etsy. If you know how to play Minecraft really, really well, you could build a course on how to do those same types of tricks on Minecraft.

I’m hoping that anyone can start building a course or selling, and you have expertise that you can really leverage into a digital product. Now, in terms of how passive this is, it does take a bit of work. It only takes a little work to build the course, but once it’s done, it’s done. 

Then, it’s just a matter of marketing it, updating it, and building a community around it. A three out of five stars is a three out of five stars. It’s definitely like building a business. There is work involved, but the upside is enormous because it’s scalable. You do the work upfront, and then you don’t have to trade time for money like I did when I was working as a tutor or as a model way back in the day.

And I also really, really want to stress that anyone can start this ASAP, like right now. There is very little money upfront to build a course or write an ebook. It’s just your time upfront. 

Conclusion 

Finally, we come to the end of the article. Here, I have discussed   Multiple Streams of Income Ideas that you should follow to earn more money. These ideas are very beneficial if you want to achieve financial freedom. Remember, building a business requires hard work and dedication, but the payoff can be enormous because it has scalability. Unlike traditional jobs where you have to trade time for money, with these ideas, you put in the work upfront and then reap the rewards without being tied down to a specific schedule.

One of the best things about these income streams is that anyone can start them right now with very little money upfront. You don’t need a significant investment or complicated resources to get started. It’s just a matter of using your time wisely and putting in consistent effort. Thank you for still reading this article. I hope you get my points about  Multiple Streams of Income Ideas. If you want more articles like this, then visit the Earning Way section of this website.