The traditional concept of working a 9-5 job for approximately forty years until retirement is slowly losing its status as the standard way of living. People are in pursuit of time freedom, early retirement, flexible and remote work setups, and ultimately, the desire for their money to work for them instead of the other way around.
Consequently, many people are actively exploring opportunities to diversify their income streams and amass wealth through side hustles, freelance engagements, and even passive income channels. This pursuit not only holds the potential for financial growth but also offers personal fulfilment and the coveted gift of time freedom.
An important key to wealth-building is focusing on cultivating and increasing your assets while decreasing your liabilities. There are several other ways to build wealth beyond your 9-5, discover the top four of them below:
1. RENTAL INCOME
You can earn a rental when you own something that someone else would pay to use. This can be in the form of a single-family home that you rent out to long-term tenants, an unused spare bedroom you rent to a roommate, an extra living space you use as a short-term vacation rental, and more. You can also consider renting out your car, parking space, and even a piece of equipment! The broad range of possibilities allows you to take advantage of various niches.
The time (and energy) commitment for rental income varies drastically depending on what you are renting out, with some being more passive than others. When determining the possibility of rental income, you’ll also want to consider maintenance and upgrade costs, local demand, insurance fees, tax implications, tenant or occupant screening methods, and other relevant data.
2. DIGITAL PRODUCT SALES
Selling digital products is a versatile and scalable source of (relatively passive) income. Once your product is created and properly marketed, it can be easily duplicated and distributed, leaving you with the potential to earn a steady income stream without much additional effort.
You can start with something small such as financial calculators, spreadsheets, printables, educational whitepapers, templates, pieces of music, trackers and planners, digital art, and PDF guides. You can also try higher-priced items such as digital courses, ebooks, software, and masterclasses.
Digital products have relatively low startup costs and can scale easily without you having to worry about inventory or supply and demand.
Visit our Etsy Store - here
I've created a ton of business and personal finance resources to assist you in your business or personal finance journey.
3. INVESTING
An additional method for generating income is through investments. With a relatively small learning curve and effort, your money holds the potential to yield you additional earnings.
Investing in assets such as dividend stocks provides a source of relatively low-risk and passive income. When you buy a dividend stock, you purchase shares in a company. When the company is successful, it pays you from its profits in the form of dividends — which are paid out quarterly, semi-annually, or annually.
If you don’t want to choose individual companies to invest in, you can diversify your portfolio and invest in dividend exchange-traded funds (EFTs) which contain stocks from multiple companies.
There are alternative ways for your money to generate further income, such as utilizing high-yield savings accounts (HYSA) and certificates of deposit (CDs).
4. CONSULTING OR TEACHING
You likely have a special knowledge and set of skills that could be valuable to others. Consider your professional background and industry knowledge to determine the type of educational services you have to offer.
You can begin by offering free information through blog posts and informational social media posts to build credibility, an audience, and an online presence. From there, you can seek opportunities to share your expertise through guest speaking on podcasts, creating free webinars, or speaking at local events.
If you prefer a quieter approach, you can seek out tutoring and informal teaching opportunities with individuals or small groups. Identifying your niche, determining your audience, marketing strategically, and carefully pricing your services can create a unique and enjoyable income stream.
At HM Accounting, we offer business strategy sessions to get your monthly budget on track, finally, knock out your debt, and even pursue financial freedom through multiple streams of income. Email us on info@hmaccounting.online to find out more or book your free 30 minute Discovery Call - here
THE ULTIMATE START-UP GUIDE (FREE)
Curious how much is going to cost you to start that new business?It can be tricky to know where to start.
DOWNLOAD YOUR FREE ULTIMATE START UP GUIDE - HERE
This guide walks you through all of the steps on how to determine how much your new business idea will cost. You'll be able to model your budget off an example and move forward knowing exactly what you need to get started!
Love staying updated on the latest trends, insights, and exclusive content? Don't miss a beat – subscribe to our newsletter today!
By subscribing, you'll be the first to know about:
✨ Exciting new blog posts
🚀 Special promotions and offers
🌐 Industry insights and trends
🎁 Exclusive content just for our subscribers
Join our growing community and never miss a moment - SUBSCRIBE
I'm very interested in this opportunity further to our business