Creating Multiple Income Stream Notes

Below are the notes that I took during a webinar about how to diversify or increase your income streams. Having multiple income streams is great because if one stream ends or changes, another stream can continue to provide you with income.

Ways to Diversify

Real Estate

• look into land banks for vacant properties that could be purchased for lower rates
• buy and hold or buy and flip, increase value

Stock Market

• ownership in a company
• dividends provide you with income that is similar to a paycheck. reinvesting dividends allow you to continue to increase the value of your portfolio
• blue chip stocks - bigger companys; it is suggested to hold these for the long term as they are continously growing and mostlikely will not go out of business anytime soon; some use blue chip stocks as their savings account as the ROR from the stock is greater than the APY on a savings account
• ETF - a group of stocks; S&P 500 is an example; QQQ ticker
• REIT - real estate investment trust - way to have ownership in real estate without actually having to be responsible for it
• invest based on your comfort for risk; if you don't know enough, then read more; otherwise you'll invest in something that you aren't knowledgable about and could lose money

Cryptocurrency

• it is not regulated and thus you could lose out big time; no government oversight
• it could potentionally offset inflation because it doesn't have a control or controller
• it can be very volitale

Bonds

• Usually not used by the younger generation
• Sometimes are used to back a 401K
• usually issued by governments; it is a safe bet for having a return; lower risk
• very stable

High Yield Savings Account

• relatively safe way to invest
• usually wont earn more than 1.5% in interest

Entrepreneurship

• selling product, service,
• leftover income from primary source of income to be used as capital for this income stream

"Brown Money"

Book that was mentioned

juniebeans