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The 7 Income Streams for Non-Millionaires

The internet is full of articles on the seven income streams of millionaires. They all say that the main focus of millionaires is to create passive income. Why? Because passive income doesn't stop when you're sleeping or on vacation. Passive income works for you, on your time, and your terms.

The common types of passive income streams are:

  1. Interest

  2. Dividends

  3. Capital Gains

  4. Royalties

  5. Rental Income

  6. Business Income

The goal is to have seven income streams created by mixing the various types above.

The problem? The majority of the six types of income streams for millionaires mentioned require you to have money already.

So for those of us who are not already millionaires, what income streams are available to us?

  1. W2 Job (Employee)

  2. 1099 Job (Contracting)

  3. Online Business

  4. Hobby Business

  5. Rental Income

Your goal is to create seven income streams by mixing the five types above. If you and your partner already have a W2 job, you only have five income streams to go.

How do you get started? Research, research, research. New income streams don't come easily. To get a check, you have to put in the work. There are a ton of "become a millionaire" ads online, multi-level marketing firms targeting mothers, and out-right scams seeking people like you who are looking to make more money. Be smart. If an opportunity requires you to recruit right away or buy-in with more than you have - move on to the next.

Here's a breakdown of the five types of income streams for non-millionaires:

W2 Job (Employee)

Your job is probably going to be your most significant source of income, but there are many other ways to make more money so you can save your way to a million.

You might already have a job, but have you given serious thought to your career path, and what's next for you? Is it time you made more money based on your experience and new skills? No matter how much you love your current employer, the quickest way to make more money is to find a new job somewhere else.

1099 Job (Contracting)

There are a ton of contractor jobs out there, and they're not all physical labor. Firms hire writers, transcribers, editors - and there are so many more opportunities out there, many of which you can do from home.

Online Business

Have something to say? Start a blog and use affiliate links or place ads on your page. You'll need to learn things like writing, editing, and SEO to make money blogging - which take time to master.

Hobby Business

Have you heard of Etsy? There are people on there right now making more than you selling their hobby. Can you paint? Woodwork? Make soap? Whatever your hobby is, or a hobby you're interested in doing, it's highly likely it's something you can sell.

Rental Income

You don't have to buy an expensive home for your first rental income property. Starting small and working your way up over time is not only smart; it's somewhat safer because you have less to lose while you are still learning to manage properties.

Making more money doesn't happen overnight. It takes time and work.

Focus on that one thing you can do this week to start working towards making more money - so you can save up towards your first million.