In our current economy, it is more important than ever to have multiple income streams. Side hustles and passive income are more than just buzz words, it’s how you can build up a strong financial foundation that’ll grow over time. If you are looking for ways to increase your income, you are in luck. There are many different strategies you can use to achieve this goal. So let’s discuss five of the best methods.

Earn Interest On Your Savings

This is a more passive way to increase your income, but it can be very effective. Instead of keeping your money in a checking or savings account, you can invest it in a high-yield savings account. This will allow you to earn interest on your money without doing much work. It is vital to shop around for the best rates and terms before investing your money. My high-yield savings account pays about 5x what my local bank pays. If the money is just sitting there, you might as well be earning as much interest on it as you can!

Invest In Real Estate

This is a great way to diversify your income and build long-term wealth. One of the best things about investing in real estate is that it is a tangible asset. You can see and touch your investment, which can provide a sense of security. Don’t keep all your property investments in one place; expand worldwide. For example, Monaco Real Estate Agents have many deals for luxury apartments and houses in the most exclusive areas. These are great investments that can offer a high return. You also don’t have to purchase an actual rental property, there are lots of other more passive ways to get into real estate- REITs are publicly traded stocks that buy, sell and manage real estate.

Start A Business (or side hustle)

Another fantastic way to bring in additional income is to start your own business. This can be something as simple as selling products or services online. If you have a unique skill or talent, you can use that to your advantage. There are many ways to monetize your skillset. You can start by creating a blog and then adding relevant affiliate links. Alternatively, you could offer consulting services or complete an online course teaching others what you know. The sky’s the limit when it comes to starting your own business.

Invest In The Stock Market

Investing in the stock market is another excellent way to increase your income. This is a more speculative option, but it can be very profitable if you know what you are doing. There are many different ways to invest in the stock market. You can buy stocks, mutual funds, or ETFs. You can also trade options or futures contracts. If you are new to investing, educating yourself before diving in headfirst is essential. I personally have about 95% of my stock investment portfolio in an index fund (VTI to be exact) and then I keep about 5% in individual stocks. I enjoy following individual stocks but find that I lose just as often as I win!

Be A Freelancer

If you have skills that others need, you can be a freelancer. This is a great way to earn extra money on the side. You can find freelancing gigs online or through word-of-mouth. Once you get started, it is easy to build up a clientele. There are many different types of freelancing work, so you should be able to find something that suits your skillset.

These are just a few of the many ways you can increase your income streams. By diversifying your sources of income, you can protect yourself against economic fluctuations and build long-term wealth. Do some research and find the strategies that work best for you.

Disclosure: Some links will earn me a commission.