How to develop more income streams

ProMisogynist · 2018-06-28T19:49:17+00:00

That being said, I desire to start my own business and/or develop passive income that will slowly allow me to transition out of the profession and become my own 'boss'.

"Passive income streams" are largely a myth if you don't already have capital.

Here's a simple process to follow to start a side business with two examples that you could start with today:

What's a skill you have that provides value? (writing/tutoring)
Where can you find people willing to pay for that skill? (online webmaster forums since they always need content/paper fliers around schools and local colleges)

That's it.

JamesP2018 · 2018-06-28T20:06:26+00:00

You need to know where your money is going. I use a credit card for ease of calculation. Speaking of this look up some cash back cards with no annual charge. Get one for your regular purchases. 1.5% back or higher ideally. Pay it off every month. Any debt you have needs to be taken care of. Now we need to look at a couple areas of unavoidable expense.

Food, buy from grocery stores and drink water. Eliminate non nutritious foods from your purchasing. decisions. Stop eating out except for when you have to.
Travel, buy a used vehicle that is dependable, efficient, and inexpensive. Think 10 years old or so. If you live close to school and a grocery store you can ride a bike for your transport needs instead. This will save you hundreds of dollars a month.
Lodging, rent rooms out if you own, rent a room or get some roommates if you don't. Buy small and cheap if you are set on buying. Make sure there is one or two rooms you can rent out.

Passive income.

Stocks- essentially business ownership

Bonds- essentially you're giving loans to businesses and/or government

Rent- buying is a pain and not in itself worth it. Renting is a win/win

Affiliate marketing- you get a link to a product(s) and try to get people to click the link and buy the product(s)

AssBestPicture2505 · 2018-06-28T19:26:17+00:00

Buy every hockey card from the early 1990's you can get your hands on.

AnotherDisposableMan · 2018-06-28T22:01:04+00:00

Learn more using 1. books 2. leveraging social media 3. Meeting new people

imnothingness · 2018-06-28T22:23:41+00:00

Write books.

cglehosit · 2018-06-28T23:20:49+00:00

Teach drivers ed through your school, my dad and his friend made bank doing that for a few years.

PhaedrusHunt · 2018-06-28T23:48:24+00:00

Start a side business that caters to your strengths/interests. English teacher? Test prep company, etc.

chomponthebit · 2018-06-28T18:26:35+00:00

Nick at SideHustleNation.com has tons of podcasts with various entrepreneurs - many who started with side hustles - doing everything from blogs to consulting to Amazon businesses, covering a wide range of topics including SEO, social media, eliminating debt, etc.

Great listening while walking, lifting, cooking, etc

Title	How to develop more income streams
Author	91wavey91
Upvotes	1
Comments	8
Date	June 28, 2018 6:17 PM UTC (8 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/8um0sh/how_to_develop_more_income_streams/
Archive Link	https://theredarchive.com/r/askTRP/how-to-develop-more-income-streams.101343 https://theredarchive.com/post/101343

Comments