Follow up – Zahraa Khalifa
Did you know that most millionaires have more than 3 sources of income? If you want to grow your wealth, here are 5 income stream ideas that you can try.
1_ Real estate investment groups
“Effortless” income streams are one of the basic building blocks of wealth building. Everyone on this planet has only so many hours in the day, and no matter how much you actively work, you will always reach a maximum of how much you can earn and how much you can save. And you can increase your wealth through income “without effort”, because you will earn money even while you are sleeping.
2_ investment income
Another common type of “effortless” income stream that will increase your wealth is to have investment income through investments such as dividends and bonds.
These investments won’t pay life-changing money, but as your wealth grows, the stock market is a great place to safely park your money as it grows and generate quarterly or monthly income. The key to building wealth is diversification.
Making income generating investments in stocks or bonds will help you achieve this goal.
3_ business income
If you have no contractual obligations with your main job not to start a side business, you can start that, as many millionaires have grown wealth through side businesses.
4_ Income from fees and licenses
This category is less common but essential. If you have the opportunity to create a product or idea, you can sometimes license it and charge a fee each time people use it.
5_ Rent your car
Car rental from one person to another has become noticeably popular, thanks to the short supply in the market. When the epidemic (Corona) spread, large companies such as . were closed
Hertz and sold many of its cars. With chips in short supply, these companies are finding it difficult to keep up with the increasing demand.