Multiple streams of income can come in a variety of shapes and sizes. I wrote about 5 sources already: Rental, MLM or Direct Sales, a second job, and starting a business. I have a few more I would like to share with you. You do not need to do all of these, but the goal would still be to try and have 5 different sources of income.
I originally left out your primary job. This will be your biggest source of income initially and maybe the entire time. I recommend getting the highest paying job you can. This is extremely helpful as you start to get raises and bonuses are paid out according to salary. Always take the money. Also, this is what will be paying your bills why you are getting the other streams up and running.
Another source of income can be taking surveys. There are many corporations ready to pay you for your opinion. Most of these can be done from home, and in front of your computer. Every now and then you may be asked to be a mystery shopper. They might ask you to evaluate the customer service at a restaurant or retail store. The company asking for the survey will pay for the meal or merchandise, and pay you for your time. Surveys can be a very economical way of adding to your multiple streams of income.
Interest income will also supply monthly income. This will require a little more money invested up front though. In return for your initial investment, you can make a monthly income based off of the interest. This could be investing in a start up company, purchasing some sort of municipal bonds, or even putting money into a money market. These will all pay a monthly amount of money. If you can find a good tax free bond, probably through the state, you can make some pretty decent money this way. You may be asking, why invest the $20,000 into bonds, so I can only return $166 per month (at 10%). The point is your money is safe, will stay the same in value, and gives you money each month. The name of the game is cash flow.
Investing is another strategy. A good example of this will be investing in the stock market. You would take any amount of money, find a good stock, and buy some shares. Keep an eye on it, and if you hit the target price you are looking for, sell it. You can make some money this way. And like wise, you can lose some money this way. Always be sure that whatever money you invest in the market you can afford to lose.
There are 4 sources of income to go with your multiple streams of income. That is a total of 9 ways to make money. Your goal should be to find about 5 of these, and make them as steady, and consistent as possible. Remember, the ultimate goal would be to not have to work, and the multiple streams of income are supplying all of your income passively.
For more information and sources of income, visit Multiple Streams Of Income