The Top Ten Ways for the Millenial Generation To Earn Alternative Income

Are you sick and tired of relying solely on your paycheck? You should be. Relying on one source of income is extremely risky, and anything that takes risk out of your life is a very good thing. Plus, it’s easier than ever nowadays to create multiple sources of income. Just think about if you were laid off tomorrow, you became disabled, or you had a horrible tragedy occur in your life. If that one paycheck went away, you’re in a very bad situation. Here are my top ten ways for young people like you and me to earn passive income: (in no particular order)

1. Create a website/blog. You’ve read all the articles online about people starting content-driven websites and blogs, sell advertising, and the money starts rolling in. Well, it’s not that easy, and it’s very challenging to put together a website or blog that earns significant revenue from advertising. It takes months and sometimes years to develop a content-driven site, but IT IS a viable way of creating a multiple stream of income. So, how come you haven’t started one yet? It only takes about a $100 to get a domain name and web hosting.
2. Start a part-time business. The key here is starting a part-time business based on something you are passionate about like a hobby. If you love computers, start a repair service, if you like antiques, start buying and reselling them. Starting a home-based business is so easy, but again, many of us are paralyzed by the fear of taking the plunge into small-business owning. Don’t be afraid, start one now and figure the details out later. But, don’t take out a loan for a part-time business. Always cash flow small, unproven business models.
3. Create a timeless song. If you can do this, you and your next of kin will be collecting royalties for years to come. Think of songs like “The Macarena” , “We Are The Champions” , and “Yesterday”. Or what about a popular Christmas song?
4. Write a book or ebook. eHow has a few tips for self-publishing your own book.
5. Do consulting work. If you’re an attorney, IT professional, doctor, engineer, or any other kind of professional, you can do consulting work for a high-fee. Knowledge is power in the 21st century, and companies are willing to pay top dollar for you to consult with them about how to make their company better.
6. Investing in the stock market.I only recommend that people invest in the stock market for the long-term, because short-term investing in the stock market can be very risky and you need to follow the market every minute of the day in order to make real money by investing for the short-term. However, there are many stocks that pay a dividend monthly, semi-annually, or annually.
7. Rental properties. The right rental property can be a cash cow if done right. If you don’t have any money, don’t invest in real estate. You’ll lose your shirt along with your family. I want to challenge you to pay cash for your first rental property. I know, that sounds impossible, but if you get your finances in order and become debt free, you can start saving a big chunk of cash each month. Look for a great deal, then make a low offer in CASH. You’ll be surprised at the deals you can get, because cash speaks very loud. Then, you can put all of the rental income towards buying another property in cash, and before you know it, you’ll have paid-for real estate cash-flowing itself to buy more properties!
8. Invent something. This one is a little tougher than most streams of income, but it can also be the most profitable if you fill a need with an invention. Sell it to a company that can mass produce it with rights to royalty fees and you’ll have a steady stream of income.
9. Public speaking. Establish yourself as an expert of a certain subject, and organizations, universities, and corporations will ask you to speak for a very large fee.
10. Do Contract Work. There are plenty of opportunities out there for doing freelance work, especially in an era of companies wanting specific tasks performed on a contract basis, rather than hiring a new employee. Elance is a cool website for finding contract work of all different types of work.

The idea here is to get you thinking about generating different sources of income other than your bi-weekly paycheck. So many people look at entrepreneurs as heavy risk takers, when in fact, entrepreneurs are trying to TAKE AWAY the risk in their life by creating a good or service that will outlive them. They are constantly looking for ways to generate multiple streams of income to reduce the financial risk in their life. Relying on one source of income is much more of a risk than pursuing multiple streams of income. Think about that this week and try to brainstorm a way that you can start earning just $100 extra a month. Find, turn that $100 into $1,000 a month. If you came up with 10 ways to earn $1,000 a month or five ways to earn $2,000 a month, you could be earning six figures by doing less work in the long-term.

I Recommend The Thesis Wordpress Theme

Thesis theme gives my blog a professional look with clean, easy-to-read layout and SEO friendly design. Thesis makes it simple to setup, customize and make your own blog unique, so get your own copy today.