I was reading something the other day that was talking about how most millionaires have an average of 7 income streams…
I guess most people rely on their salary alone as a source of income but reading this did make me wonder what the other six types of income streams were!
I’ve written a new article for the Emma blog about this. You can read it here: http://bit.ly/3cdYrti
The 7 types were:
- Business Income
- Interest Income
- Dividend Income
- Rental Income
- Capital Gains
- Licensing Income
Do you have more than one income stream? Or, are you working towards adding multiple sources of income?
Referral income for me is good to add a few thousand a month into my bank and if you can find “set and forget” referrals then it’s helpful.
Woww making a few extra thousand a month is amazing!
What are set and forget referrals?
Those you don’t need to chase new people to sign up to.
Essentially I get a percentage of revenue from a company and if any of those users generate a referral, I get a tiny fraction of that (only 1 level down, it’s not pyramid style ha ha).
I used to work in a particular industry and get my customers using a particular service and it just generates revenue over and over.
I guess the challenge for most people that want to earn a regular extra income this way is finding an audience big enough to sell to?
Yes and no. If it’s around you referring people to Emma, you do a lot of work to keep your income up.
If you can find something like mine where it’s continuous revenue from spend, then you need to do very little work.
There was a guy who once had an idea of starting a small credit card service, piggybacking on top of another, and charging local retailers a little cashback incentive and issuing the cards to his friends, family, and neighbours. Easy money after you’ve paid off the capital outlay.