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Abstract

851a">In my early days of investing, because of the short timeline that I have imposed on myself, I focused too much on growth stocks and buy on rumors and trends. Heck, I don’t even know it's called growth stock then. Needless to say, I paid my due tuition fees in the stock market then. My current choice of dividend-paying companies is the finance sector and REIT. I’ve been able to grow the dividends I received year after year.</p><h2 id="e2fc">2. Royalty</h2><p id="a0dd">A majority of the self-made Gen Z millionaires make their fortune as an influencer on social media like Facebook, Youtube, and TikTok. Apart from product creation, content creation may be one of the best income streams one could have. With a royalty-styled revenue, essentially the same creation, as created, have no limit in terms of the money it may bring in, nor a time limit, the potential is limitless.</p><p id="3155">I was struggling to find one that suits me, considering I would like to keep my anonymity on the Internet, until I found Medium. I’ve been monitoring. I’ve not been writing since a year ago. However, while the return may have been a tad bit meager to some, there has been only a single month out of the year that I’ve got 0 income from Medium. The fact itself is impressive. That’s passive income alright.</p><p id="d18b">Write an ebook, be a writer on Medium, or create a video on Youtube or a short clip on Facebook or TikTok. It doesn’t matter which platform or content type. Pick your interest, and just do it. I’ve seen some weird stuff on the Internet but judging by the number of views, almost anything has an audience. You just need time for the crowd to come to you. Start, and then persist. If anything, it’s an experience.</p><h2 id="3cac">3. Rents</h2><p id="8683">I’ve been lucky enough to be convinced to get a house of our own early on. In the beginning, I was doubting if I could afford the mortgage. More than a decade later, it turns out to be a shrewd deal. Apart from the capital gain, which has at one point almost doubled, the rental rate would have been able to sustain the mortgage repayment, and then some.</p><p id="41d2">If you have a great eye for spotting a good deal for properties in a great location, tenants may end up paying for your mortgage and you’ll own a virtually free property by the end of the mortgage.</p><p id="6487">However, owning a property, let alone rental property does come with its challenges and pitfalls. First and foremost, the amount required for the initial outlay. Then, there is the challenge of dealing with tenants. If real estate isn’t your cup of tea, you may consider REIT. Though the income derived from it could be considered as a dividend instead of rent but hey, who cares about the definition if the money keeps coming in?</p><h2 id="c528">4. Paid Online Surveys</h2><p id="d3df">If you have small pockets of availability and a constant feeling of wanting to make full use of any available time, paid online survey sites might be a good idea. Doing surveys typically means accumulating points which in turn can then be converted to PayPal funds, digital wallets, or shopping vouchers, to name a few.</p><p id="9609">At this moment, I am personally us

Options

ing 4 sites for this. I use the time I have between appointments, when I have a coffee break, when I completed my daily task early, whenever it makes sense for me. There is no commitment here. Sometimes, it comes with the benefit of knowing what products might be marketed next. If you are in luck, you would play a small part in determining the latest packaging of an everyday product.</p><h2 id="8ebe">5. The Pre-loved Market</h2><p id="4a00">Nothing beats the feeling of turning trash into cash. One man's trash is another man’s treasure. With the recent pandemic and inflation we are facing and yet to face, the pre-loved market has been on the up. A lot more realized that there is value and no shame in being the buyer and seller of pre-loved items.</p><p id="3854">Getting started is easy. Just look around the house for underutilized items and viola! you have the products to sell. Selling to the pre-loved market has never been easier with Facebook Marketplace or similar sites. Have the buyer come over to save you the hassle of logistics.</p><p id="ea41">I save the money from this initiative for the education fund of my kids. Coupled with my beliefs in reducing landfill waste, and making the world a better place for future generations, it motivates me to persist down this road. Decluttering the house is an added bonus.</p><p id="31de">If you ever run out of items to sell from your belongings, you could always buy (and sometimes get them for free) and sell pre-loved items. I know a few success stories on this.</p><h2 id="ba82">6. Employment</h2><p id="9f1f">A salary is still the main source of income for me, and I have no intention for things to change. Having a stable income allows me the stability and peace of mind to explore other avenues to boost my income, and reduce the pressure on making every one of it substantial. It allows me to be more adventurous. If experience taught me anything, it is that often the best avenue to generate income will take time and effort to grow. The last thing we want is to give up before we can harvest the fruits we sow.</p><p id="d485">The key here is to find the type of job that interests you, pays a decent amount, and a company that cares.</p><h2 id="3934">7. Bonus Entry: Interest</h2><p id="3c11">The rich do get richer. There are no two ways about it. The more money you have in the bank, figuratively speaking, the more money you will make out of it. Make your money work harder. With the current financial landscape, there are tonnes of selections that provide high-yield interest. Make use of the situation. Don’t let your money sit. I have zero savings but I’m perfectly comfortable with it. Why? Because most of my money is working, in one form or the other.</p><p id="e511">For now, I’m trusting the process and lifestyle I have in place. The rest, I trust that time will take care of it most. Sure, it's slow but hey, it's steady and there is progress to be seen over the years. I’ve never been more confident in my financial situation. I’ll take that anytime.</p><p id="3ad5">And remember, the best time to start something is yesterday, the next best time is now. If you haven’t done so, it’s best to start. Be confident.</p></article></body>

The 6 Income Streams I Have Convinced Myself That I Have

Confidence breeds success. This might be the key to my financial independence.

Notice I mentioned financial independence without its often sought-after sibling, retire early? It’s deliberate. A decade ago, FIRE was all the rage. In fact, for certain groups it still is. As any young adult, it was an inspiration for me. Unfortunately, because of the fantasy of the phrase retire early, I’ve limited myself to a relatively short time frame to accumulate wealth, and that’s where wrong decisions upon wrong (not to mention, rash) decisions are made. Although progress has been made, and material possessions acquired for the first half of my working life, I couldn't say I’ve made significant progress towards financial freedom.

It wasn’t until the second half and as recent as the last few years that I matured, and my view and timeline of financial independence changed. With the average retirement age of Americans being 64 years old as a guideline, I have at least two decades more to accumulate wealth. Well, you’ve heard it before, wealth accumulation is easier when you have a longer time horizon to let your money grow. Giving myself a longer time horizon has freed my mind of a burden. No longer do I succumb to the quick and easy and often risky ways of accumulating wealth. No rush, no hurry, just clear mind. For the past few years, I have been scouring the Internet for knowledge and experiences of others for financial advice.

One of the often-cited pieces of advice is that millionaires have multiple income streams. If you are not a believer then, you should be after the pandemic a couple of years back. Whole industries grind to a halt, and unemployment soars through the roof. The struggle is real. If that does not convince you that there is safety in multiple income streams across industries, I don’t know what will.

As I looked back, I have been working on this without noticing. As realization dawns, multiple income streams aren’t as hard as they seem. Here are mine.

1. Dividend from Investments

Investment is a great tool for wealth accumulation. With inflation in play, the value of your money diminishes over time and the way to protect your wealth is to make your money work. There are many types of investment you can make but in the context of this article, an investment does not provide you an income per se. Investing in a good company that pays you dividends over a steady period of time does. In line with the concept of diversification in investing, it’s a good idea to include dividend-paying companies as part of your portfolio.

In my early days of investing, because of the short timeline that I have imposed on myself, I focused too much on growth stocks and buy on rumors and trends. Heck, I don’t even know it's called growth stock then. Needless to say, I paid my due tuition fees in the stock market then. My current choice of dividend-paying companies is the finance sector and REIT. I’ve been able to grow the dividends I received year after year.

2. Royalty

A majority of the self-made Gen Z millionaires make their fortune as an influencer on social media like Facebook, Youtube, and TikTok. Apart from product creation, content creation may be one of the best income streams one could have. With a royalty-styled revenue, essentially the same creation, as created, have no limit in terms of the money it may bring in, nor a time limit, the potential is limitless.

I was struggling to find one that suits me, considering I would like to keep my anonymity on the Internet, until I found Medium. I’ve been monitoring. I’ve not been writing since a year ago. However, while the return may have been a tad bit meager to some, there has been only a single month out of the year that I’ve got 0 income from Medium. The fact itself is impressive. That’s passive income alright.

Write an ebook, be a writer on Medium, or create a video on Youtube or a short clip on Facebook or TikTok. It doesn’t matter which platform or content type. Pick your interest, and just do it. I’ve seen some weird stuff on the Internet but judging by the number of views, almost anything has an audience. You just need time for the crowd to come to you. Start, and then persist. If anything, it’s an experience.

3. Rents

I’ve been lucky enough to be convinced to get a house of our own early on. In the beginning, I was doubting if I could afford the mortgage. More than a decade later, it turns out to be a shrewd deal. Apart from the capital gain, which has at one point almost doubled, the rental rate would have been able to sustain the mortgage repayment, and then some.

If you have a great eye for spotting a good deal for properties in a great location, tenants may end up paying for your mortgage and you’ll own a virtually free property by the end of the mortgage.

However, owning a property, let alone rental property does come with its challenges and pitfalls. First and foremost, the amount required for the initial outlay. Then, there is the challenge of dealing with tenants. If real estate isn’t your cup of tea, you may consider REIT. Though the income derived from it could be considered as a dividend instead of rent but hey, who cares about the definition if the money keeps coming in?

4. Paid Online Surveys

If you have small pockets of availability and a constant feeling of wanting to make full use of any available time, paid online survey sites might be a good idea. Doing surveys typically means accumulating points which in turn can then be converted to PayPal funds, digital wallets, or shopping vouchers, to name a few.

At this moment, I am personally using 4 sites for this. I use the time I have between appointments, when I have a coffee break, when I completed my daily task early, whenever it makes sense for me. There is no commitment here. Sometimes, it comes with the benefit of knowing what products might be marketed next. If you are in luck, you would play a small part in determining the latest packaging of an everyday product.

5. The Pre-loved Market

Nothing beats the feeling of turning trash into cash. One man's trash is another man’s treasure. With the recent pandemic and inflation we are facing and yet to face, the pre-loved market has been on the up. A lot more realized that there is value and no shame in being the buyer and seller of pre-loved items.

Getting started is easy. Just look around the house for underutilized items and viola! you have the products to sell. Selling to the pre-loved market has never been easier with Facebook Marketplace or similar sites. Have the buyer come over to save you the hassle of logistics.

I save the money from this initiative for the education fund of my kids. Coupled with my beliefs in reducing landfill waste, and making the world a better place for future generations, it motivates me to persist down this road. Decluttering the house is an added bonus.

If you ever run out of items to sell from your belongings, you could always buy (and sometimes get them for free) and sell pre-loved items. I know a few success stories on this.

6. Employment

A salary is still the main source of income for me, and I have no intention for things to change. Having a stable income allows me the stability and peace of mind to explore other avenues to boost my income, and reduce the pressure on making every one of it substantial. It allows me to be more adventurous. If experience taught me anything, it is that often the best avenue to generate income will take time and effort to grow. The last thing we want is to give up before we can harvest the fruits we sow.

The key here is to find the type of job that interests you, pays a decent amount, and a company that cares.

7. Bonus Entry: Interest

The rich do get richer. There are no two ways about it. The more money you have in the bank, figuratively speaking, the more money you will make out of it. Make your money work harder. With the current financial landscape, there are tonnes of selections that provide high-yield interest. Make use of the situation. Don’t let your money sit. I have zero savings but I’m perfectly comfortable with it. Why? Because most of my money is working, in one form or the other.

For now, I’m trusting the process and lifestyle I have in place. The rest, I trust that time will take care of it most. Sure, it's slow but hey, it's steady and there is progress to be seen over the years. I’ve never been more confident in my financial situation. I’ll take that anytime.

And remember, the best time to start something is yesterday, the next best time is now. If you haven’t done so, it’s best to start. Be confident.