Achieving financial freedom is a goal that many of us aspire to, but it can be challenging to figure out how to get there. One piece of advice is to have multiple streams of income, and today we will explore seven income streams that have helped make Chris and Tanisha millionaires.
Rental Income
The first income stream is rental income. Long-term rental properties can provide a reliable source of passive income, particularly if you own multi-unit properties. Owning several cash-flowing rental properties diversifies the risk, making it easier to weather any financial storms. If on tenant defaults on their rent, you can still receive income from the other units.
Airbnb
The second income stream is short-term rentals such as Airbnb. This model is similar to long-term rentals, but the property is under a contract for a shorter period, such as a weekend or a few weeks. The main difference is that the rental rate for short-term rentals is generally much higher, which can translate into higher profits.
Royalty Income
The third income stream is royalty income. Royalties can come from various sources, such as intellectual property, a book, invention or technology that you have created, or intellectual property that you've purchased such as rights to a song or artwork. By owning the rights to intellectual property, you can earn a passive income stream that will continue to pay you over time.
Mortgage Notes
The fourth income stream is mortgage notes. By lending money to someone to purchase or refinance their home, you become the lender instead of the borrower. This method can offer a stable, long-term income stream as the borrower pays you back over time.
Peer-to-Peer Lending
The fifth income stream is peer-to-peer lending. Peer-to-peer lending platforms allow you to loan money to creditworthy individuals, earning monthly principal and interest payments. This investment works well with the Income SnowballTM investment system and can offer high returns.
Crypto Loans
The sixth income stream is crypto loans. This model involves purchasing cryptocurrencies and loaning them out for return. This method requires knowledge and caution, but it can offer a high rate of return if done correctly.
Personal and Business Lending
The seventh and final income stream is personal and business loans. This method involves loaning money to people and companies you know, and charging them a reasonable interest rate similar to what they would get from a bank or credit union. It is essential to ensure that the borrower can afford the monthly payments and to avoid overcharging them.
In conclusion, creating multiple streams of passive income is vital to achieving financial freedom. By diversifying your income streams, you can create financial stability and work towards achieving your financial goals.
