How to Add Income Streams That Actually Make You Rich

If you are reading this, chances are you find too much month at the end of the money. If this is the case, there are three things that can be done to change that. Either the month needs to get shorter, you need to spend less, or you need to make more.

Since it is physically impossible to omit days of the month, we’re forced to make more or spend less. And since spending less is no fun, let’s focus on making more money.

Sell Stuff for Quick Income

The quickest way I know how to make money is to take a picture of something in your possession of value, list it for sale, and sell it to the first person that calls.

However, this method isn’t really making money, its only shifting money. Unless, of course, you paid less for that item than you sold it for. Either way, this method is very short sighted. Once that item is sold, there is no chance of recurring income, meaning you can’t sell it again or make any more money with it.

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Start a Business for Medium-Term Income

The key is to find sources of income that are recurring. This could include things like, a raise, taking on more hours at work, starting a new business, investing money you have in a high-yielding asset (more on this to come), etc.

My favorite of these is starting a new business. Whereas one can sell something and collect on it in the next day or week, starting a business is more of a medium-term way to make money.

It will most likely take a month or two to set up, get going, and collect on. Although the benefits and potential are FAR greater than short-term money making ventures.

In my experience, many Americans take for granted how envied these United States are by the rest of the working world. Before you fill my inbox full of hate mail, let me explain. This country is one of the easiest to start a business in. There are many people living in other parts of the world wanting to go in business for themselves but are unable to due to the difficulties imposed by local governments.

Starting a business in this country is simple. All you have to do is say, I want to start a business. Poof! That’s it! You’re literally done. Your business name just has to include your personal name.

For example, when I was 13 I started Matthew’s Lawn Mowing Service. I mowed several of the neighbors’ front yards and charged them a fee. I was legally in business. Nothing about that company was set up incorrectly or done wrong. When it came to taxes, I had extra expenses I could write off providing me further benefits and savings.

Your business doesn’t have to be service based or that involved. Last year, I made money shopping. Literally, I was paid to go to the gas station and fill up with gas, go to the shoe store and buy shoes, and go to McDonald’s and buy burgers.

Mystery (or Secret) shopping and ghost shopping are easy. As an independent contractor, you will be in business for yourself. You will collect fees for posing as someone looking to make a purchase. This has many fringe benefits that go along with it as well, like free merchandise and free food.

How $50 is going to actually make you rich

Long Term Investments for Recurring Income

Finally, there’s long-term money making. Once you do have a little cash saved up I cannot stress enough how important it is to invest a little.

Just think, if you didn’t go out that night that made you give up tequila you would have saved $50 (and maybe even the carpet of your friend’s car).

“That $50 invested 8 years ago at 8% interest would be worth $94.62 today.”

Think about that for a second. Maybe today you decide to put away $100. Just think about how valuable that could be to you in 5 or 10 years when you may really need it.

Whatever it is you decide to do, my number one piece of advice is to try it all. Find multiple ways to make money and try it all. You may find a new hobby you love to do that will make you money, or you may find your day job is the only way you enjoy making money in which case you can focus your free time on getting more out of your day job. Either way, you’ll better yourself for having gone through the exercise and you will have learned things or picked up new talents you didn’t have before.

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3 thoughts on “How to Add Income Streams That Actually Make You Rich

  1. Rathwo

    Another important skill in saving on expenses is knowing when you monthly credit card statements end. If you know the end date, you can throw expenses into the next month.

  2. SmartMoneyMaker Post author

    Thanks Rathwo! This is a good point. We have an entire mini-series on just budgeting coming out soon. Although making purchases on credit cards can allow for differed payments, it can be a slippery slope if you don’t have a strong hold on your finances.