Did you know that most millionaires have more than 3 sources of income?

If you want to grow your wealth, here are 5 income stream ideas that you can try.

Where the American “Entrepreneur” website published an article by an entrepreneur named Firas Moussa dealing with the importance of diversifying sources of income, he started by saying that studying millionaires is very wonderful, because they are often ordinary people who enjoy remarkable discipline and focus and do not differ in their intelligence or mental abilities About black people, but they work differently from the rest of the world.

A great idea about millionaires is that they usually have multiple streams of income.

Among the interesting data are the following:

  • 65% of millionaires have 3 sources of income.

  • 45% of millionaires have 4 sources of income.

  • 29% of millionaires have 5 or more sources of income.

Most people have at least one source of income, which is their salary from their job.

They go to work on weekdays, and after enough working days, they get a salary.

However, more than half of the millionaires have 3 sources of total income.

For some, these resources add to their job.

For others, it may not include the job at all.

Having multiple income streams is a powerful wealth building tool, because the right streams can increase your wealth “without effort.”

If you are looking to grow your wealth as the wealthy do, here are the top 5 sources of income that will boost your bottom line:

1. Real estate investment groups

'Effortless' income streams are one of the basic building blocks of wealth.

Everyone on this planet has only so many hours in the day, and no matter how much you actively work, you will always reach a maximum of how much you can earn and how much you can save.

And you can increase your wealth through income "without effort", because you will earn money even while you are sleeping.

Real estate investment groups are among the best sources of income "without effort", a group of investors who buy a commercial property or multi-apartment.

These investments usually last for 5 years and feature annual returns of around 8%.

On top of those returns, in some cases the building purchased is sold, sometimes providing investors with a total return of 30% to 50% at the end of those five years.

Generally, mortgages sometimes yield between 80% and 100% profit over 5 years.

This is an investment that doubles your money every 5 years "without effort", which is why real estate investments are so powerful for building wealth.

2. Investment income

Another common type of "effortless" income stream that will increase your wealth is to have investment income through investments such as dividends and bonds.

These investments won't pay life-changing money, but as your wealth grows, the stock market is a great place to safely park your money as it grows and generate quarterly or monthly income.

The key to building wealth is diversification, and making income-generating investments in stocks or bonds will help you achieve this goal.

3. Business income

If you have no contractual obligations with your main job not to start a side business, you can start that, as many millionaires have grown wealth through side businesses.

Owning a business - whether industrial, selling something or providing services - opens up a world of unlimited income possibilities.

Let's say you are a developer and create a game in your spare time.

This game may add "no effort" income of up to $100 extra per day.

You can take that money and reinvest it in the business to earn more, or you can take advantage of your side business to save even more tax-free money.

4. Income from fees and licenses

This category is less common but essential.

If you have the opportunity to create a product or idea, you can sometimes license it and charge a fee each time people use it.

These graphics can be from film materials on a broadcast platform.

Or, you can create a YouTube channel and make a fairly "effortless" income from views.

5. Rent your car

Car rental from one person to another has become notably popular, thanks to the short supply in the market.

When the epidemic (Corona) spread, large companies such as "Hertz" closed and sold many of their cars.

With chips in short supply, these companies are finding it difficult to keep pace with the increasing demand.

Now, companies like Turro are offering the ability to rent out their cars to others.

This acre has been turned by some people into a side business of some sort, and they have earned a significant amount of income "without effort".

In fact, a 22-year-old student in Toronto (in Canada) managed to develop a small fleet of 4 luxury cars.

And it's not just properties that you can invest in and rent, if market trends continue, car rental is quickly turning into a viable source of income.

And if you want to increase your net worth, you need multiple sources of income.

Overreliance on one type of income (usually a job) is risky.

What happens if you lose it?

Likewise, if your individual income stream requires work, you determine how much you can make, because there are only so many hours in the day that you can work.

And all of the five sources of income listed above are great ways to grow your net worth.

If you haven't already, consider diversifying your portfolio by implementing the income sources suggested above.