7 Streams of Income: Your Path to Becoming A Millionaire

Affiliate sales, sponsorships, branded integrations, and ad income can all add up passively as you accumulate content, clicks, and views and grow your audience. That’s a lot of eyeballs to capture for passive income. It’s a lot of upfront work for little to no return in the beginning. To help you find the inspiration to start, we compiled a list of 100+ in-demand business ideas, broken down into categories like fitness, apparel, and gaming. 4.6 billion people connected to the internet, the opportunity to build and scale an online business is massive. White label products like t-shirts, posters, backpacks, or books and selling them on a per-order basis. Ecommerce store where customers browse and buy products.

Dividend income is a cash payment that shareholders receive from companies when they distribute profits. Alternately, you could buy items to flip to create capital gains income once you sell them. Capital gains can be an active or passive way to make money.

Different Types of Income Streams

Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products. You’ll need an opportunity that requires a time or work investment, such as creating a course, building out an influencer profile or other options. There are passive income opportunities for people who are starting out with some money and even those who have no money to start. Even when you’ve got the sponsored posts you’re looking for, you’ll need to keep posting to draw in your audience and remain an attractive option for advertisers. That means committing to more time and monetary investment, even if you do have a lot of autonomy on exactly when to do it.

This Revenue Stream is generated by the use of a particular service. The more a service is used, the more the customer pays. A telecom operator may charge customers for the number of minutes spent on the phone. A hotel charges customers for the number of nights rooms are used.

The Difference Between Active and Passive Income Streams

For more information, please check out our full disclaimer and complete list of partners. There are a ton of these really interesting niche types of businesses that work well for arbitrage, so buying low and selling high.

• It’s termed as “active” income because you have to work to earn a salary.
• Without money rolling into your bank accounts, it is impossible to keep up with all the costs that life throws your way.
• For example, if you invent a new type of widget, you can sell the patent to a company that will then pay you royalties every time they use your invention.
• Savings were put into passive sources of income and kept as cash.
• Zipcar.com’s service has led many people to decide to rent rather than purchase automobiles.
• They only have a $500 minimum to get started and offer a variety of options we love as well!

This is highly dependent on your lifestyle and the cost of your expenses. In terms of the amount of income you require monthly, you’ll need to calculate and manage your personal costs, which occurs through a cash flow analysis. Reference our recent Cash Flow Guide multiple streams of income to learn more about cash flow analysis. Just know that there is an upfront investment involved in both minting fees and the time you’ll need to create NFTs that will sell. Keep in mind that, just like any investment, staking crypto comes with its own set of risks.