Even before any thought of a pandemic blighting the world, entrepreneurs have pursued multiple streams of income, so that there is minimal impact to their lifestyle should any stream fail. Due to a system that dictates we move through a pre-determined route of GCSEs, A Levels, university and a desk job, most of us miss out on this crucial education into achieving financial independence and confidence. Now more than ever, in the middle of a global pandemic, I believe that everyone needs this entrepreneurial mindset, as it has now been proven that even a supposed ‘secure’ well-paid job can be placed in jeopardy very quickly.
For years now I have been pursuing multiple streams of income, through property investment and my personal IT business. However, since my IT business has recently been greatly impacted by the current circumstances I have now turned to digital and affiliate marketing. By investing in this thriving market I am negating any further impact and, more importantly, reducing any further trouble if something similar should happen again in the future.
So, what are the best options for multiple streams of income?
Property
Property is one of the most popular options when creating multiple streams of income, and one I’ve been putting money in to for many years. Investing in property, whether it’s commercial or residential, can provide financial security for you and your family far into the future, and if done on a large scale, can even generate enough to act as a monthly income.
With property investment there are a few different options, all of which can be split in to two main categories; residential and commercial. Residential property is what it says on the tin; it houses people, such as houses or flats, all the way up to an entire apartment block or HMOs (house of multiple occupants). Why not use the money that is sat in the bank to invest in property in your local area? Investing in local property means that not only do you have a good knowledge of the local market, but you are also in close proximity to your tenants, enabling you to be a successful landlord.
Commercial property investment, also known as roadside retail, includes you finding sites, gaining planning permission and then selling or leasing this land on to companies, allowing them to build commercial buildings, shops or drive-thrus etc. This option may be better if you don’t have a lot of long-term free time to act as a landlord, but could find an allotted time each week to search for suitable sites.
Stocks and Shares
Stocks and shares are a great way to invest over a long period of time, and get a better return on your money, over the money being sat in a bank account. I recommend investing in FTSE100, a list comprised of the top 100 companies, or researching AIM shares. There are multiple ways of investing in stocks or shares, as there is currently a surge in investment on trading apps, but for larger investments, and guidance from a professional, I would suggest dealing with a broker.
Crypto Currency
Crypto Currency has been a rising currency for years now, but it’s not too late to invest. Some say it is set to one day become the world currency, so getting in still relatively early, before it has truly hit the masses, is a very wise decision. Bitcoin is the most popular Crypto Currency, but there are plenty of others that are growing to be just as successful, such as Ethereum and XRP, so do your research into each before investing. Much like stocks and shares, crypto currencies are set to deliver a much better return on your money in the long term than classic banks, plus it’s such a fun and advancing area to be a part of!
Classic Cars
As society gains a limited interest in cash simply sitting in the bank the classic car investment era has definitely returned. Not only is this a great way to get return on your money, as the value of the car will just keep rising, it also means you get to enjoy the fun of owning an exquisite motor! As someone who has invested in classic cars for many, many years there will definitely be more blog posts coming on this topic.
Internet Marketing
Last, but not least, is internet marketing; which is exactly what I’m doing now. Internet marketing comes in a few different categories, digital marketing and affiliate marketing being the main two.
Digital marketing is a market that is accessible for anyone with a basic understanding of building websites, using WordPress or using social media. As you can see from GlobalDigitalMarketing365 you truly can start a successful digital marketing business from your own house, with the help of your family. If you’re feeling a little unsure on where to start or how to learn the skills you need, why not speak to Simon Coulson at the Internet Business School (it’s where I learnt!).
Another main form of internet marketing is affiliate marketing, which is another stream I’m heavily involved in. Affiliate marketing is an incredibly concept; you act as the middle man for big businesses, and sell their products to people on social media channels or websites. Using a link provided by the corporation, you create posts, almost like adverts, to promote the product to your online community, and if someone purchases a product through the link then you earn a commission. If you’re interested, and want a suggestion of good places to get started, I am a certified partner of the affiliate program for Internet Profits and a partner with Anthony Morrison.
For more information on any of the multiple streams of income mentioned please reach out to us, and make sure to subscribe to our blog to receive updates on further posts we do on this topic.
Paul Grant
CEO