How do the rich stay rich? Are there streams of income that keeps flowing in once one starts to earn in six digits? Well, these are questions that will be answered today. So read on to find out the answers.
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When you look at the number of billionaires in the world today, you will discover that 65% had at least three streams of income. This is to show you that it is hardly impossible to become wealthy in the world today through one stream of income.
The world’s richest man, Elon Musk, with a net worth of over 231 billion dollars, has four companies under his name. They include; Tesla, SpaceX, The Boring Company, and Neuralink. If the richest man alive can have multiple streams of income, then why should you not. Therefore, it is important for you as a millionaire or aspiring millionaire to learn to build multiple streams of income.
Below are the eight effective streams of income to grow your wealth in 2022.
Table of Contents
8 Streams of Income that will Grow Your Wealth
Real Estate Investment
This has to be one of the most profitable investments one can make on earth. This is because it deals with an essential product; land! Land is necessary for human survival and existence on earth, and if there is no land, there won’t be houses for people to live in. Also, unlike other investments that might depreciate over time, real estate appreciates because people need a home/shelter. Therefore, you can always ensure to have real estate investment on the top of your list of streams of income that will grow your wealth in 2022. But, first, research with a real estate consultant and a lawyer before investing in real estate.
Another top option on the streams of income you can consider in 2022 is owning a part of a company or business through shares. Understandably, building a business from scratch requires time and effort. An easier option is to be a partner by buying shares from that company and watching your wealth grow as the business expands. Examples of wealthy people who became wealthier through buying shares from already established companies include; John Paulson, Warren Buffett, Dan Loeb, etc.,
Leasing Out Your Properties
Leasing out a property you own is another way to increase your wealth. It is one of the streams of income that will help you achieve a steady increase. Properties you can lease out to people include; houses, cars, ranch, private beaches, land, private jet, etc. to keep this type of business flowing, you have to ensure that there is a high focus on maintaining those properties so that people do not lose interest in using them.
An easy way to lease your house is to put it on Airbnb. This will save you the cost of marketing directly to people. Ensure to research the type of properties people would be interested in renting and learn from experts before you make a move to start.
Create a Product that People Need
If you have the entrepreneurial mindset of building a business from scratch, this option is for you. With the advancement in technology today, it is quite easy for you to create and test several products before you launch them for people to use. This saves you the cost and stress of creating a product nobody wants to buy. Firstly, look for sustainable business ideas and identify a solution to a general problem. Then, through this solution, you can create a product for people to use.
A simple example is Elon Musk’s invention of Tesla Cars. It is quite understandable that the business idea was birthed because pollution from cars powered by gas was contributing to global warming. And he realized that electric vehicles would save our planet from that problem. Like Elon, you can also look at your environment and think of a sustainable business idea that people would embrace.
Invest in Agribusiness
Agribusiness is one industry that will never be shut down, irrespective of the world’s situation. We all need food to survive, and agribusiness is that industry that can make food processing and distribution possible. You do not have to produce all the food people eat; you can concentrate on a few common ones. For example, rice, noodles, food spices, etc., are all food items you can look into investing in their production.
For this stream of income, you can decide to start your food processing business or partner with an already existing one by buying shares. It is one of the many streams of income that is profitable. Some entrepreneurs who became wealthy through agribusiness include; Harry Stine, Aliko Dangote, Prince Sultan bin Mohammed bin Saud Al Kabeer, and Stewart and Lynda Resnick.
Sponsor/Start a Reality TV Show
When ‘Keeping Up With The Kardashians‘ or ‘The Ellen DeGeneres Show‘ started decades ago, no one would have thought the two shows would eventually become huge successes worldwide. Now they are both listed among the top TV shows globally. I am pretty sure the people who invested in the shows would not regret doing that.
One thing about reality shows is that they have a way of keeping their audience glued to the screen. Whether watching TV, laptop, or mobile phone, you will always try not to miss out on anything. It is safe to say reality shows are addictive; the introduction of social media made it more addictive for the audiences, and reality show promoters, through adverts and sponsorships, keep cashing out from those views.
If you are looking for a way to make a lot of money in the entertainment industry, you can try this option by sponsoring one or starting one yourself. However, if you plan to start your reality show, ensure you have in-depth knowledge about PR and how to pull your audience to you.
Build an ecommerce website
Jeff Bezos built Amazon in 1994 after quitting his investment banking job. Today, Amazon is the top site for all kinds of products you can think of buying online. People will always want to buy or sell items without stress or worrying about being scammed; this is where ecommerce comes in to make the process easy and safe. In addition, creating an ecommerce website is a good way to earn a lot of money. Considering the number of people willing to use online platforms for trades, you might be tempted to grab the opportunity.
Gathering and Selling Rare Items
This is one of the streams of income only a few people have access to. This is because it is mostly attached to fantasies; people interested in a particular thing or person might decide to get rare things relating to their interest and display them for people to see or bid for them. Examples of items you can collect to grow your wealth include; famous people or celebrities’ cars, jewelry, artworks, autographs, homes, etc. This stream of income is majorly used by the top wealthy people in the world.
I hope I have been able to answer the questions on how the rich remain rich. A stream of income can surely help you become wealthy, especially when you are passionate about what to do. However, multiple streams of income will bring you more wealth. This is why I have prepared these eight options for you to look into in case you consider being featured on Forbes one day. All the best!