The 7 BEST Side Hustles To Start ASAP
Here are the 7 income streams of millionaires, how to make passive income, and how to build your wealth – according to a study from the IRS. Enjoy! Add me on Instagram: GPStephan
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The first: EARNED INCOME from a paycheck.
This is where almost EVERYONE starts off, and it’s the equivalent of you working a “normal” 9-5 job, or being paid a salary, or working a commission as your main source of income. This type income is generally going to be your priority until…everything else starts making more money…
The SECOND source of income: DIVIDEND INCOME
This is probably the EASIEST “Second Income” source for nearly ANYONE watching to start literally RIGHT NOW. Here’s how that works: when you buy a stock, what you’re REALLY buying into a small ownership share of that company. Now that you own a small piece of the company by investing in their stock – some of those companies will pay you out a “dividend,” which is a fancy word for saying: they’re going to pay you a portion of their profits, because you own a small piece of their company by buying their stock.
The Third: CAPITAL GAINS.
This is what happens when you sell an investment for a profit – and when that happens, you’re taxed on “CAPITAL GAINS,” which is the difference in price between what you bought it for, and how much it was worth at the time you sold. This is ALSO another way you can make money by investing in stocks – because, unlike our second source of income – not ALL stocks pay dividends. Instead, many stocks are known as what’s called “Growth Stocks,” in the sense that what they DON’T pay as a dividend generally gets re-invested back into the company, thereby causing the stock price to go UP.
The Fourth: INTEREST INCOME.
This happens when you keep money in a high yield savings account, or basically ANY bank account that pays you even a remotely small amount of interest – chances are, at the end of the year, they issue you a 1099-INTEREST form with the amount of interest that you earn, so you can report that to the IRS.
The Fifth: RENTAL INCOME
For most people who want to invest and build wealth, real estate winds up having so many tax advantages that make it REALLY unique – and profitable – for anyone willing to put in the time, and within just ONE property, you could have MULTIPLE income sources. You also have the power to LEVERAGE your money here, where you borrow MOST of the money from the bank. You can also DEPRECIATE the value of the property against your rental income, thereby reducing your taxes.
The Sixth: PROFITS FROM A BUSINESS
Working on ANY type of side business, that has the potential to grow completely independent from your main job, is not only a good way to make more money – but also, diversify yourself iN CASE something happens to your job and you have nothing to fall back on.
The Seventh: Royalty Income
With this, you get paid a licensing fee for selling the rights to a product, service, song, or something that you’ve created. You can absolutely work to create something ONCE, that you can then continually re-sell in the future as long as people will buy it. I know it’s WAY easier said than done, but things like online programs, e-books, YouTube videos, or blogs can often be setup ONCE – and then – over time, you’ll continue to make money for as long as it exists.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.