6 sources of income that will make you rich
If you are chasing money, then you won’t have it at all. We earn money in proportion to the value we add to society.
If you have no source of income yet, just focus on building at least one stable income source then you can use that money to multiply it.
In this post, I’ve shared 10 sources of income that will make you rich. But let me tell you it’s not get-quick-scheme at all.
It’s going to take a lot of hard work, emotional pain, patience, and dedication to work.
So let’s start.
1. A blog
A blog is a website that serves different content to its audience.
You’re currently reading this post on a blog.
You can write about anything. I would recommend sharing knowledge in which you are an expert.
It takes around 6 months to 3 years to generate revenue from a blog depending upon how much effort you put in.
Income sources of a blog:
- Google Adsense
- Affiliate marketing
- Paid articles
- Digital products
- Consulting services
- Course selling
2. An app
Millions of Apps are available on various Platforms. And this income source is not suitable for everyone.
An app can generate 6-figure income. However, it’s not an easy task.
It takes a lot of time, money, and effort to create just the App, and after that, you a full proof marketing plan to boost your app download.
There’s one way to launch your app as soon as possible. You can hire a firm to let your dream App build but it will cost a huge amount.
I would not recommend this method to everyone but if you’re a programmer just like me, you can give it a try.
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3. Real estate
Real estate has made more millionaires than any other investment. But let me tell you it’s not easy to be a millionaire through real estate.
You have to learn as much as you can about real estate from books, videos.
There are two types of properties
- Residential property
- Commercial property
Residential properties are for self-use. You buy this property to live there with your family. It won’t earn you income. On contrary, it breaks your bank account because you have made expenditure for its maintenance.
Commercial properties are the real assets that will earn you income. You buy these properties for lease or sale. You can lease it and earn rental income from it. You can sell it directly.
It’s not easy to find hot properties. You need to invest a lot of your time and energy.
4. Stock market
Investment in the stock market is subject to market risk.
You can invest your money in the stock market. Over the past, few decades the stock market has given awesome returns to its investors.
But investing in the stock market, too, needs a lot of expertise. You need to learn a lot about investing from books and experts.
One of the best investment options is index funds. You can invest in index funds for a long time and accumulate huge wealth from them.
However, it needs a lot of patience and time.
I would recommend, you consult with your financial advisor before making any investment.
How do you earn from the stock market?
There are two ways to earn from the stock market.
- The company pays dividends on shares.
- You can sell your share during a bull market.
A word of caution: no one (including experts) can predict the market. Thus, avoid taking any course/trial/product that guarantees 100% risk-free return.
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How books can help, you become rich?
Many people have earned a lot of money by publishing books. You need to come up with a great idea before you write your book. It’s a challenging task.
I have an idea, you can write your struggle journey in that book. You need to pack your book with a lot of interesting and useful content for your readers.
The other big challenge is to market your book, which is also a challenging task. However, you can write an eBook and publish it on amazon kdp.
It will help you earn a royalty income. It provides great tools to put your book in front of thousands of readers worldwide.
6. YouTube channel
I love creating videos. You can visit my YouTube channel. A YouTube channel is easy to start but hard to maintain.
It takes a lot of time to become popular on YouTube. You need to put consistent hard work into growing it.
What income options are available from YouTube?
- You can monetize your channel with Google Adsense.
- You can drive traffic to your store or website and get conversions there.
- You can connect amazon influencer account and earn.
- If you manage to build huge followers you can get sponsorships.
It sounds interesting to create multiple sources of income. But it’s not that easy to achieve this goal.
You have to deal with failure; you have to deal with emotional and mental pain. Sometimes, you will feel like, “What the hell I’m doing?”
In short, you need to be emotionally strong. You have to learn about finances every day.
I hope this post was helpful. Let me know your thoughts below.