Today we are going to share with you 7 different income streams that make us $50,000+ a month working for ourselves.
Disclaimer: There are affiliate links on this page. This means that if you click through and purchase anything, I could possibly make a commission without adding any extra cost to you.
If you want to diversify your income streams or add another income stream to your life, maybe just add a few extra thousand bucks a month – this article should give you some good new ideas!
We are going to share with you what we think is the most important forms of passive income. Even if you have a job, you can make a ton of extra money on the side to ‘recession proof’ your financial life.
Just because we make a decent income – we don’t want to make this article sound like it is boasting in anyway. We just want to show you that you can always make more money!
You don’t have to live in scarcity or feel money pressures. It is possible to live a life of prosperity and abundance if you just put some focus on your finances! We were once broke and miserable….now we are not so broke and, well, less miserable!
If you learn a bit more about money and implement some of these income streams that we discuss in this article.
Let’s get started with our income streams!
1) Investment Income – Active Stock Trading
Our first stream of income that is relatively passive is trading stocks. Our income from this varies but it is usually in the thousands of dollars a month.
We got into this when Maleah and I lived in Seattle and found ourselves completely broke….
We were able to withdraw a few thousand dollars from Maleah’s college fund that was left over. We traded this capital and paid off her $20,000 student loans with the trading profits!
So what do we do?
We buy low-cost stocks (typically under $10 per share) that have a reason for increasing in price within a day or two. If you keep reading, we will explain how we find these stocks (hint: we have someone else email the ideas to us!).
How much can you expect to make trading stocks? If you follow our steps below, you can reasonably expect to make 10% or more on your capital a month…..yes A MONTH!
This month we made 10.54% on our trading capital and it was a pretty standard month. You can trade with any amount of money, but remember your income stream from it will be much larger for larger accounts.
E.g. $100,000 would give us $10,000 a month from trading stocks but $1,000 would only help us to make $100 extra.
Sometimes we make a lot more than 10% a month…..
The easiest way to get started and learn to trade is by joining a stock alerts service.
These services can cost as lost as $50 a month, but provide you with some excellent stock picks to buy.
Side Note: Come and join our stock trading alerts Facebook group (How To Make Money With Stock Alerts Services)! We also have a Stock Alerts Reviewed YouTube channel which we hope are helpful. As a new trader it’s helpful to be part of a community of traders so you don’t feel you are battling the market alone!
Active trading is a great way to minimize your exposure to the market. This has been particular important recently – the market has dropped almost 50%, wiping out many longer term portfolios. However, we have been making more money than ever as we are in and out of individual stocks that are no effected by the global markets.
We have had many people come to us and tell us that they have sold their stock portfolios and now they want to become active stock traders. They just don’t trust these banks and financial advisors to manage their money in such volatile market conditions.
We don’t blame them! The same thing happened to us in 2010.
2) Affiliate Marketing
Affiliate marketing is one of the main ways that we make money. Basically, we sell other people’s products and get a commission for every sale we make. This is done through this blog and other ones that we own.
The awesome thing about affiliate marketing is that you don’t need your own products. You don’t have to worry about all the things involved with that.
We learned how to do affiliate marketing from a successful entrepreneur called Michelle Schroeder-Gardner. She runs a website and has a great course all about how she makes $150,000 a month from affiliate marketing!
The easiest way to get started with affiliate marketing is to just find an affiliate program for stuff you already love. The most famous company that has an affiliate program is Amazon.com.
You can just share your favorite products with a special affiliate link to your friends and family. If they buy anything after clicking your affiliate link – you get paid a small commission!
Once you get the hang of finding affiliate programs for companies that you love, you can take affiliate marketing to a whole new level by starting your own websites or blog.
And yes, if you signup through one of the links on that page, we do get an affiliate commission!
3) Credit Card Cash Back Rewards
We use our credit card to pay for most bills because we get money back when we use it. We make thousands of dollars passively just by using our Capital One card!
There are so many cards that you can use to make money – as long as you pay the bill every month and don’t run up interest charges. We wrote a post about a free site that helps you find the best credit card rewards that fit your needs.
4) Real Estate
Buying, selling and renting out real estate is one way we make money. We rent out rooms in our 4-bedroom town house and live for free! We even make $1000 profit a month!
There are so many ways to make money from real estate. Some people buy and flip houses while others just rent units out longer term.
Real estate has been a major source of our income over the years. The low interest rate loans that you can get for buying property are fantastic and offer a great way to leverage your money.
If you haven’t thought about using real estate to generate cash flow – you are missing out for sure!
5) Sponsored Posts
When you have a large social media following or blog, companies will pay you to write about their products or services. Sometimes there will not even be work involved apart from just posting an article online.
We occasionally get paid by companies to give a review of a service or product. It is very easy to do and we are always honest about what we are reviewing. If it is bad, we will not promote it.
If writing sponsored content is something you are interested in as an income stream, you will have to build a following on social media or a blog.
Here are some examples of sponsored blog posts that we worked on last year.
We were approached by these companies but it is also possible to reach out the many brands and ask them if they have a budget for sponsored content. You can pitch them and price your work based on your audience size and relevancy to the brand.
Sponsored content can have a massive return on your time investment – many people are making five or six figures for a single post! The sky is the limit.
6) Advertisement Revenue
We get paid to advertise for companies on this blog. Hopefully, the ads that appear are not too annoying!
We get paid for every ‘impression’ that the ads register. So, if you are looking at one of the ads on this post…….thanks we are probably making us about $0.02 !
You will need a blog like this one to advertise on.
7) Freelance Businesses
Finally, we make money from freelance writing and proofreading for companies. Since this is a direct exchange of time for money, we don’t do much of this anymore. If possible, it is nearly always better to make money passively!
Call me lazy…..but it’s true!
If you are interested in starting your own freelance online business, here are a few ideas to get you started.
- Freelance proofreading online. This is a great course that you can take to learn how to become a freelance proofreader online and make up to about $100 per hour!
- Freelance Bookkeeping. Learning how to do a company’s bookkeeping is one of the best freelance businesses that you can start. It is scalable and extremely lucrative. It does have a steep learning curve though (we took this bookkeeping business launch course to learn how to start).
- Virtual Assistant. You can make money by helping bloggers with writing posts, social media or email management. Check out this post all about the experience of being a virtual assistant.
We are very passionate about online businesses. Here are a few of the articles that we have written about different online freelance businesses that we have started.
The possibilities for adding new sources of income to your life are nearly endless. I hope that this article about our various income streams has given you some ideas for your own financial life.
Come and join our stock trading alerts Facebook group (How To Make Money With Stock Alerts Services)! We also have a Stock Alerts Reviewed YouTube channel which we hope are helpful. As a new trader it’s helpful to be part of a community of traders so you don’t feel you are battling the market alone!
Maleah and Russell