How to Earn Passive Income in Singapore 2023

Having different income streams and even jobs that pay the same day can provide you with more opportunities to save and invest for the future. Similarly, REITs (real estate investment trusts) also generate regular dividends for investors who hold their shares. The difference is the dividends are mainly generated from rental income collected from the commercial properties held in the trust. REITs are a way to invest in real estate without purchasing an investment property. Many REITs are publicly traded on a stock exchange and are registered with the U.S.

You’ll also need to have good time management skills, as you’ll need to ensure the tours start and end on time. Lastly, if you’re particularly interested in history or the arts, and love talking to others about it, being a part-time tour guide may be ideal for you. The role will allow you to indulge in your interests, while earning some income on the side.

High-Yield Savings Accounts (HYSAs)

Generating multiple income streams is a great way to build long-term financial freedom and stability. Whether you’re an entrepreneur or a freelancer, the ability to diversify your income streams is essential to create a solid foundation for financial success. It’s important to remember that creating multiple income streams requires hard work and dedication, but the rewards can be great. In today’s society were making extra cash to pay off debt, and build savings is crucial — building multiple streams of income is important.

  • Both Shaw and Clark count revenue from book sales among their income streams.
  • Once you’ve maximized your salary and your spouse’s salary, you can deploy that excess into other buckets to create more income streams.
  • Masterworks is an alternative investment platform that allows virtually anyone to buy shares of fine art.
  • But aim to have a wider variety of clients as well, as you don’t want a single unfortunate event (say the collapse of an industry) to wipe you out too.
  • Shaw wanted to share his knowledge with others, which eventually became a consulting business.
  • You can create fill-in printables or sell Canva templates online for businesses to edit as they need for print or digital promotions.

We are not responsible for any actions taken by users of this site. I have heard of freelance writers making anywhere from $75 for a short, 300-word blog post, to $1,500 for a thorough, 1,500 word article. And honestly, I’m how to create multiple streams of income sure there are people that make way more than that per piece. For example, I follow a number of bloggers that make over 7-figures a year. That’s right, they make more in a month than most people dream of making in a year.

Want Multiple Streams of Income? Check Out These Ideas

On the other hand, younger companies choose to reinvest profits back into the business as opposed to paying dividends to shareholders. In this case, you’ll see no dividends but a possible increase in stock price. Overall, CDs are low-risk and passive on the overall income stream spectrum. Just make sure if you’re investing in them to be aware of the features, terms, and minimum required.

  • They vet the asset, purchase it, securitize it, then sell it in the form of shares.
  • You are your own boss, you can create whatever you want while connecting with interesting people from around the world – all while earning money.
  • While the world of fine art is often only available to the ultra-wealthy, that’s no longer the case.
  • Many people are surprised to learn that proofreading can be a viable source of income.
  • As long as you are consistent with your branding and with your message, you should start building a high-quality audience.
  • Having multiple streams of income means you’re not dependent on a single source of income.

And really, this is why financial advisors have one of the largest failure rates of any profession. Meeting people and acquiring new clients is hard – especially when you’re first starting out. Depending on your skillset, you could also consider creating a course. With a platform like, you can create an online course on nearly any topic and charge as much as you want.

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