Income Streams of a Millionaire
Diversify your income streams. Make more money.
Hey y’all. It’s time to add more income streams to your roster.
Today’s newsletter is jam-packed with killer advice on this topic (I know I’m biased, but I promise this issue is a doozy).
5 new opportunities. Want to see a specific type of work? Just let us know. For more jobs like these, check out a full list here.
Senior Executive Media is looking for a writer that works in the cannabis industry. Prior writing experience on this topic isn’t needed.
p.s. If you want an example of what to comment on these types of job posts, look at Sharon Wu’s comment on this post.
For an Ebay design brand. 6-month contract. Must have experience in both motion and visual design.
The client already has the concept, just needs help on execution.
This client needs help generating leads through LinkedIn. Budget is $25 to $50 per hour.
HYPE is running a paid survey for freelancer types. If you complete the survey, you’ll get a $10 gift card and a chance to participate in a 30 minute interview for $50.
The 7 Income Streams of a Millionaire
Having multiple income streams is incredibly smart — if one income stream dries up, you’ve got some cushion from the others. Finding the right income streams for you, where you can balance managing each one at the same time, is the key though.
You may have heard the stat that the average millionaire had 7 income streams, with one in each of the following categories.
We’re going to focus on the first four on this list.
How to Increase Earned Income
Job hop or ask your boss for a raise. One in five job hoppers lands a 10% to 20% increase in pay by switching jobs. The average raise for an employee that remains at their company year over year is just 3%.
If you’re not ready to switch jobs, or truly love where you’re at, use this script to negotiate a raise.
How to Increase Dividend Income
If you’re not already investing, this is your sign to open an investment account and start. If you work a salaried role with a company-sponsored 401(k), reach out to HR and ask for some guidance on your account and company match policy.
If you’re self-employed, check out this guide for a full breakdown of investment options for self-employed folks.
How to Increase Interest Income
Open a high-yield savings account. A HYSA is similar to a regular savings account, except you can earn interest on your savings. It’s one of the simplest ways to earn passive income, and personally one of my favorites.
How to Increase Business Profits
If you run a business, get creative with how you’re bringing in revenue. Here’s a few ideas to get your brain thinking.
Add Your Product to TikTok Shop
TikTok Shop is TikTok’s new feature that allows merchants, brands, and creators to showcase products directly through videos. Each video contains an easily-clickable link where viewers can purchase the product in seconds.
This feature has allowed brands, like one company selling frozen whole chickens (yeah, idk either), to go absolutely viral and sell thousands of units of product.
Become a Software Affiliate
If you find yourself frequently recommending a software to clients or friends, become an affiliate for the product. If someone uses your link to sign up, you’ll earn a kickback.
Become a Consultant
Y’all have talent, let me just say. From voiceover artists, to real estate investors, to stylists, to dancers and music therapists, this newsletter is packed with powerful people — monetize that ‘ish as a consultant! Offer 1:1 sessions for brands and beginners, and teach them how to do what you do. According to HubSpot, the average consulting call is around $100 per hour.
Sell a Pack of Fonts, Templates, or Design Elements
If you’re a designer/creative, consider selling packs of design elements like icons. Check this Etsy listing for an example. It’s priced at $3.00 and at least 559 have sold at the time of writing this (a.k.a. $1,677 in fairly passive revenue).
Sell Website Templates
Web designers and graphic designers — if you’re constantly creating websites for clients on platforms like Showit, turn them into templates and sell them. See how Becca sells websites for $8k here.
Start a Blog
If you’re knowledgeable on a topic and like to write, start a blog. While it’ll take some work to get it up and running, blogs can be incredibly profitable in the long run. Last year, Jannese Torres made over $105k in passive income from her food blog.
I’ve had this book, The Millionaire Next Door, on my “must read” list for so long. I haven’t gotten to it yet, but I’ve heard it’s an incredible read.
For more income stream ideas, this video gives a solid list.
And if you need a better way to manage multiple income streams, try the Boost app (it’s free!). It’s designed to help people with multiple income streams manage their income.
Ask the Sidepiece Team
ICYMI: We’re introducing a new section — a Q&A opportunity. Each week, we’ll answer one audience question with thoughts and insights from our team of six-figure freelancers, startup founders, and side hustlers. Drop your questions into this Google Form.
A: There might be a way to do both. If you’re okay with taking on a side hustle to pay the bills, because you truly love your day job, then keep the day job! However, if it isn’t worth it to you, and you’d rather take on another day job that pays the bills, you could turn your current job into a hobby instead.
Check out this video for an example of how one woman does this.
See ya next week,