For hundreds of years, the world's multi-millionaires and billionaires have made money in three ways: , and . Nowadays, there is a fourth option. real estate stocks business (Apologies to the MLM people but it is not a real business if you cannot adjust the pricing or change your suppliers, and , as shown by UK judge Justice Norris, far higher than any normal business. Try literally anything else.) MLM has a 99.7% failure rate Strategy 1~ Simpler real estate: In the past, buying and renting out a property required a large commitment of capital, for deposit, purchase and maintenance. With the advent of short-term leasing apps (eg. Airbnb, Stayz etc), things are far simpler. Depending on the zoning laws in your location, it may be possible for you to rent a place from someone else and list it for short-term stays. Note that you are liable for rent every week or month, whether you host a guest or not, but the premium for 3-night short-term stays can easily pay your weekly expenses; far more if you have more frequent guests. Our friend Jamie has leased and re-let 20+ properties, none of which she owns. Check regulations in your area, perhaps start with letting a room in your own place before leasing an entire house, and be prepared to lease a place outside of your zone if this strategy appeals. Strategy 2~ Simpler stocks: 20+ years ago, research into stocks was done with newspapers and audited company reports. Using the internet, stock selection that used to take days can now be done in a few minutes, with more accuracy. You can also join online groups to discuss particular stocks and industries; sometimes the local fans know more than the Wall Street analysts. As always, diversify amongst different stocks and industries for safety, or use a trusted stock mutual fund manager. Strategy 3~ Simpler business: In times gone by, businesses used to have to pay for manufacturing or purchase goods before selling them, with a large capital outlay. Even the physical art of producing a book or music album cost a lot of money. The internet now allows people to sell goods that they do not own or create (drop-shipping), as well as allowing creatives to author ebooks or stream music and publish online for free. Always follow your passion, and create or sell something that you love. Source: Bostoncoin Strategy 4~ Simple like stocks: Crypto Many people suggest that the cryptocurrency marketplace is like the wild west, as it is unregulated and essentially lawless. This was possibly also true of the stock market for hundreds of years, before the SEC legislation and computer tracking. With higher risk comes greater potential rewards, and for every person who lost money to a bad project, there are an equal number of tales about people who made millions from a great project. As with stocks, do your own research (DYOR) into crypto projects, diversify amongst crypto projects for safety, or use a trusted diversified crypto fund manager. There are less than 10 crypto fund managers in the world, and only a couple have outperformed Bitcoin over 3-5 years. Let us know how you go, especially if you decided to try all four strategies :)

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4 Simple Ways to Diversify Your Income and Make More Money Online

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4 Simple Ways to Diversify Your Income and Make More Money Online

Too Long; Didn't Read

Company Mentioned

BostonTrading.co

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

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