How to Create Multiple Sources of Income

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Have you always wanted to work less and get paid more? Who hasn’t, right? But even though this is the dream most people have, if you look around you, you will find that almost everyone you know simply has a regular job, possibly with some side income, and they never realize their dream.

Why? Because they don’t know how to create multiple sources of income, which are far superior to just getting a salary for a “regular” job.

We now explain in detail what most people do, what multiple sources of income are, and how to create multiple sources of income for yourself.

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The Problem Most People Face

 

Most people face the problem of getting paid according to the number of hours they spend working. And how much they are “officially” paid per hour is usually an upper bound and not the real number.

If they have a “regular” job, they may have to work more hours for the same monthly salary when there is a crisis, which means a smaller payment per hour.

If they are freelancers, they may charge by the project and then discover that it takes them more time than they thought to finish the project. Alternatively, they may provide a discount for large projects, effectively getting paid less per hour.

People who rely on sales commissions also face this problem if they need to do face-to-face sales, for example, when selling cars or properties.

Even small businesses face this problem. If you have a store that sells ice-cream, you only make money when the store is open and you actually sell ice-cream.

In all those cases you need to work more to earn more. There’s a limit to the number of hours you can work in a day, and there’s a limit to how much you can charge for one hour. Both of these things limit your ability to make a lot of money and still have time to enjoy it properly.

That’s the problem multiple sources of income solve, and that’s why you should know how to create multiple sources of income for yourself, in whatever area you desire.

The Solution Most People Take

 

A lot of people realize that the idea of getting paid per hour is something that prevents real growth and forces them to keep on working, and to work more to earn more. So, they start looking for some side income, where their money can “work for them”, instead of them working to get money.

What people usually do is to invest their money somewhere, in order to earn money from the interest on their investment (whether that interest is guaranteed or not). They could be putting their money in a savings account, investing in the stock market or in cryptocurrencies, buying real-estate and getting rent payments, and so on.

Such an approach allows you to earn passive income. That is, you earn money even when you’re not working. You can go on vacation for a month, and discover when you return that your investments made you money while you were vacationing.

While this approach is better than simply getting paid per active working hour, and should definitely be used, it usually also allows people to lose money.

Moreover, a lot of people don’t even know what they should be investing in, when to enter the market, when to exit, and the reasoning behind all of their moves. They rely on information someone told them or that they read somewhere, and don’t know why they’re doing what they’re doing.

This eventually leads to them losing money, which further leads to psychological problems they’re not used to handling. Oftentimes, they keep, or even add to, a losing position, just to lose more money, or make a much riskier investment in hopes of recovering their losses. These strategies are very dangerous, and usually result in a quick loss of even more money.

So, the issue with this common solution is that people were not taught how to create multiple sources of income, and are just doing what they see people around them doing.

Since people don’t know how to create multiple sources of income, they end up with only their salary, or perhaps also with a couple of investments, just like “everyone else” does. Thus, they almost never get life-changing amounts of money that grants them the freedom that they desire.

Do You Need Money to Make Money Passively?

 

If we examine the path for passive income that most people take, which is investing in something, we find that in order to make substantial amounts of money, you either need to have a lot of money to begin with, or take high risks.

For example, suppose you invest $100,000 to get a guaranteed 10% return on your money in a year (which, unless there’s very high inflation, is considered a very high guaranteed return on your money). You make $10,000 a year, which is roughly $833 a month, before taxes and commissions are deducted. That’s nice, but it’s not going to make you rich. And it requires you to put aside $100,000 for a year.

But what if you invest $10,000 in stock options, which can potentially give you back even 10 times your investment in several weeks? Well, then the risk of losing all your investment is very high, and that’s exactly what happens to most people. Imagine working hard to save $10,000 just to lose them in a week.

But remember that we said that people only know how to use money for passive income, because they haven’t learned how to create multiple sources of income. Multiple sources of income don’t require you to invest a lot of money, if they require you to invest money at all.

But surely you can’t get something out of nothing, right? Right. But don’t forget that you always own the most valuable thing you can have – your mind and your creativity. By putting in creative thought, time, and effort, you can create multiple sources of income that will allow you to get high returns from your work, with little to no initial money investment.

Think about it: There are methods of earning passive income, in which the only thing that you have to risk is your time and effort. Possibly a very small amount of money too, but nothing that will make you even think twice about.

This thought is so comforting, it’s a wonder so few people are doing it!

How to Scale Your Business

 

Our purpose is to make sure you make more money per hour of work, passively or not. It’s true that passive income should provide you with the best value per effort, but there may be other reasons for also getting paid per actual hour of work. For example, you may want to personally work with clients.

As human beings, we enjoy interacting with other people, and we also enjoy the feeling of helping them. There are many reasons, not related to money at all, why you would still want to have that personal touch in your business.

That means, though, that you will get paid by the hour. So let’s first talk about how you can increase the amount of money you get per hour of work, and in the next section we’ll talk about passive income.

These are the most common and traditional ways to increase the amount of money you earn per working hour:

 

  • Charge more per hour
     
    This is quite obvious, isn’t it? If you want to increase the amount of many you earn per hour, simply increase your price. There’s only one drawback to this approach: There’s a limit on how much people will actually pay you per hour.

    Of course, if you get 10 people to pay you $500 an hour each, it’s better than having 100 people paying you $50 an hour, because you only work 10% of the hours. The question is whether you can find these people.

 

  • Provide service to a group of people
     
    Another very common approach to increasing your earnings per hour is to provide the same service to a group of people at the same time. Then, each person pays a manageable amount of money, but you get to earn the sum of what all of them paid.

    Imagine, for example, that you teach a course at your local community center, and you charge students $25 per hour for that course. If you have 10 students in that course, then you’re earning $250 per hour, which may be much more than any individual is willing to pay you per hour of work.

    Also, you can possibly conduct this course live online and charge only $10 per hour from each student. Since it’s online, though, you will be able to easily accommodate more students. If you have 100 students, you’re getting paid $1,000 an hour, and you probably have fewer expenses than when you teach in your local community center.

 

  • Have employees or contractors that provide the same service that you do
     
    This is the natural growth of a service-providing business. You start on your own and provide some service you charge money for. Once you have enough clients, you have no more spare time to add more clients.

    You then add more employees to provide the same service that you do. You delegate some work to them, and you pay them less than you earn from the client.

    You still need to work the same hours, if not more, because now you’re both providing service and managing people. But you manage to earn more money per working hour by offloading work you don’t have time for to other people, and profiting from their work.

 

All of these are things that you can do, to increase your earnings per hour. However, once you know how to create multiple sources of income that will passively generate money for you, you can really make a lot of money, even when you’re not working at all.

Ideas for Passive Income

 

Now that we explained the current situation and the reasoning behind changing it, let’s give you some examples of how to create multiple sources of income that can potentially give you a very high passive income for your one-time efforts.

Passive income is important, because it doesn’t rely on you constantly working to get paid. There are always times in which you can’t, or don’t want to work. Even in these times, you can make money. A lot of money.

Keep in mind that in any case you will need to put in work. The idea is to maximize your profit per hour of work, and to try to invest as little money as possible in the process. You can do that by getting paid a lot of money for some specific work, or by working once on something that will earn you money for a long time, even after you stop working on it.

Here are some ideas on how to create multiple sources of income, with an emphasis on maximizing the return on the work that you do. Use this list to get your creative thinking going:

 

  • Write an ebook and sell it online
  • Create an online course (not a live one) and sell it online
  • Add one hour a week of live group Q&A to the course above, and substantially increase the price of the course (you don’t necessarily have to be the person going live)
  • Create a physical product and sell it online through special stores that do all the logistics for you
  • Have a website that is getting enough traffic and get paid for displaying ads to the site’s visitors
  • Have many subscribers and views on YouTube, and get paid to show ads on your YouTube channel
  • Engage in affiliate marketing, where you drive potential customers to products, and get paid whenever one of them buys a product
  • Have your own successful brand and sell franchises
  • Have many followers and partner with companies to promote their products as part of your regular content creation process
  • Get royalties from all people and companies who use something that you created (like a piece of music or art)
  • Write a piece of software and sell licenses or subscriptions to that software
  • Sell something that is subscription based, so you continue getting money from the same (growing) customer-base.
  • Create podcasts and get paid when someone listens to them or through advertising during the podcast
  • Sell your products to companies as well, with much higher pricing (companies are willing to pay more than individuals are)
  • Increase your potential customer-base by selling your product with multiple pricing tiers based, for example, on commercial or non-commercial use, or on different feature levels
  • Make an invention, patent it, and sell it to a company that will handle production, marketing, and sales, and pay you royalties for each sale
  • Increase your potential customer-base by offering your product in multiple languages
  • Employ affiliates to sell your product for a percentage of the sale, so you don’t have to deal with most of the marketing and sales work
  • Create an online game that may be free, but displays ads in the free version and also allows for purchasing of “extras” (more levels, more items, customizations, etc.)

 

Note that these are just ideas on how to create multiple sources of income and maximize your earnings per hour. You should adapt these ideas to your specific field, and also generate your own creative ideas for other ways to earn money passively.

Just as an example, so you would understand the numbers behind passive income, imagine that you wrote an ebook and put it online for sale. Let’s say that you worked 50 hours on writing the e-book and building the sales page, and that you sold the book for $20. Let’s also assume that over the course of 10 years, 10,000 people have bought the book.

You worked on the book once, but it stayed there up for sale for 10 years. Over 10 years, 10,000 people bought the book for $20, so you made $200,000 on the book. You invested 50 hours of work, so that means you made $4,000 an hour. How do you like that?

How to Create Multiple Sources of Income - Cash

Summary

 

In this post we talked about how to create multiple sources of income, and discussed the following topics:

  1. The traditional way of making money, which doesn’t scale well
  2. How most people try to make passive income
  3. Whether or not you need money to make money
  4. The traditional ways of scaling your business and earning more money per hour
  5. Ideas on how to create multiple sources of income that are passive and maximize your potential earnings per hour

Keep in mind that passive income still requires work on your part, but the reward over time can be huge, as we have shown in our examples. Most people prevent themselves from employing the powerful concepts presented here, and that’s why they are stuck in life.

This is your chance to get ahead of the crowd. Use the ideas presented here on how to create multiple sources of income as a starting point for your own creative ideas and for maximizing the profits you can make for every hour you work.

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