As Western economies struggle to keep on top of the cost of living crisis and high inflation over the last 12 months, it is no surprise that second income streams have risen to prominence and are becoming more popular.
Plenty of business owners and wealth creators have often had more than one source of income, given the nature of their personalities. With so many streams available, it can be challenging to decide on a stream that works well for you. Let’s try to mention a few popular second income streams in 2023.
Many investors have found income streams in an array of areas, whether it is
- Investing in start-up businesses
- Assets such as stocks or cryptocurrency
Since the beginning of this decade, Bitcoin and cryptocurrencies have hit the news due to their volatility. For some, it has been an excellent source of income. But unfortunately, many people have lost thousands in their quest for financial freedom from their second income stream.
As a payment method, cryptocurrency has opened up new possibilities. We will explore more of them today, but some countries accept Bitcoin as legal tender and casinos where you can gamble.
Although it is still in its early stages, this gambling method continues to gain momentum. Bovada accepts crypto, and you can use it to play many classic casino games.
However, today we will look at some popular second income streams people use to supplement their earnings.
Start An Online Business
Creating a business online is one of the easiest and quickest ways to set up a second source of income. Given that over half the world uses social media, you can use this platform for advertising your business and bringing in clients from all over the world.
With so many businesses set up online, you need to ensure you have an effective business model and a strategy that works.
This could be a profitable second income stream if you can identify a niche in the market and use advertising to grow your band and your customer base. But, again, it is essential to ask yourself a few questions about starting a new business and to spot a successful idea.
If you put enough time, energy and resources into the growth of the business, it may become your sole source of income.
However, with the benefit of the internet, starting a business is much more straightforward than in days gone by. All billionaire businesspeople started somewhere, whether it was their garage or with no money to their name whatsoever.
Property / Real Estate
Obviously, any property investment must start with a sizeable amount of capital. However, if you find yourself in possession of a large sum of money and would instead put it into an investment than in a savings account, one popular second income stream is property. Types of property include
- Private – Housing, apartments, condominiums
- Commercial – Office space, bars and restaurants
- Land – owning land and either selling it or holding it as value
Many people start their property empire with one empire and build it into hundreds under their portfolio. You don’t want to run before you can walk, but property can be a reliable way to provide a return.
This isn’t investment advice, and you should always consult a specialist when investing your hard-earned money. However, as a second income stream, it is a good idea to branch out and diversify your assets if you have the resources to do so.
Arts- Explore your creativity
If you are a fan of the arts, you can use the internet to sell your creations. Not only are art forms a good source of income, but they also help alleviate your mindset and help you express yourself. Arts may sound general, but what we mean precisely when we say arts are
- Writing – stories, comedy, poetry etc
- Playing a musical instrument
Allowing yourself to learn a skill or follow your passion can lead to tremendous opportunities. As a second source of income, it might not bring in the same financial opportunity as your main job, but it will reward you in other ways and enrich your soul.
While making money is important, your overall goal should be to find peace, contentment and happiness. Instagram might make you believe that money solves all problems, but inner peace is the only solution.
If you can turn your artistic passion into a full-time job, you will be able to help yourself on multiple levels. First, as a second income stream, receiving income from your work is much more rewarding than in a menial day job that you might not enjoy.
Second, income streams are more prevalent in today’s society, given the availability of the internet and the interconnectivity it has brought us. However, while it brings many positives, it can also act as a negative.
You want to ensure the level of your research is of a decent enough quality so that you can begin to earn a profit on whatever it is you decide as your second income stream. Understanding how to identify a niche market and where the opportunities lie is invaluable information.
Correctly identifying these opportunities can provide an excellent option or cause you to lose money.