Try One of These Multiple Income Stream Ideas For 2024

Are you ready to make more money in 2024? I am a HUGE advocate of having multiple income streams. It helps break you out of the paycheck-to-paycheck lifestyle and gets you financially ahead of the game. If you’re thinking about starting another income stream (or two) I’ve got some multiple income stream ideas to get you off the ground. 

Investing

• Effort: Low
• Start-up Costs: Medium-to-High

Investing is one of the oldest multiple income stream ideas that’s out there. These come in many shapes and sizes including: 

• Dividend stocks
• High-yield savings accounts
• Annuities
• REITS
• Peer-to-Peer lending

You do need a little bit more money to start than some of the things on my list, but you can still get started with limited funds as well. 

Affiliate Marketing

• Effort: Medium-to-High
• Start-up Costs: Minimal

I love affiliate marketing, but it takes a lot of work. Affiliate marketing is a great multiple-income stream idea if you’re wanting to build something long-term. The idea is that you sell other people’s products and get a cut of the purchase price.

One of the most popular affiliate marketing services and the easiest for anyone to start with is Amazon Associates, Amazon’s affiliate program. If you’re looking to build a long-term income strategy, affiliate marketing can be great.

Most people tout affiliate marketing as being passive, but it’s really not. If you’re running a website that shares affiliate links, someone has to keep updating that so that your content and the products you’re sharing are relevant. 

Selling an Online Course

• Effort: Medium-to-High
• Start-up Costs: Low-to-Medium
• Profit: Medium

If you have something you can teach, then an online course might be your new income stream. You can start working on your online course today, but you are going to have to put some effort into getting students. 

Your online course will require some marketing and business strategy to get up and running and make some sales.

Sell Physical Products

• Effort: Medium-to-High
• Start-up Costs: Minimal
• Profit: Medium – high

Do you dream about running your own retail store, but don’t want to deal with all of the start-up costs? 

There is money to be made and if you’re willing to put a little extra effort and get yourself up and running. You can do this for a relatively low start-up cost (think $100 or less a month) and you can do it all from your desk after work. 

Sell Your Personal Data & Spare Bandwidth

• Effort: Low-to-Medium
• Start-up Costs: None
• Profit: low

If you want truly passive income that you don’t really need to work for, a good idea might be to sell your personal data.  A lot of people are uncomfortable with this idea, however, data increasingly has economic value.  And bigger companies such as Netflix, Microsoft, Bayer, Google and others actively monitor and track you for marketing purposes anyways.  So, you might as well get compensated. 

There are basically two ways to make money from this – sell your personal data and your spare internet bandwidth.

There are several companies that are reputable in this space.  By area, here they are:

Selling your personal data: 

• Reklaim
• SavvyConnect
• Nielson Opinion Rewards
• Datacy

Selling your spare bandwidth:

• EarnApp
• Honeygain

The downside is selling your data and your spare bandwidth doesn’t pay very much- you’re looking at getting maybe $5 per month from each of these sources.  But, installing these apps is pretty easy – you just need to install them, check them periodically and then check them every month or so to collect.

Rent Out a Room

• Effort: Low
• Start-up Costs: Low
• Profit: Low-medium

Do you happen to have extra space in your house that you could rent out? Then it’s time to make some money! One of the lowest effort and cost multiple income stream ideas that I have for you is renting out a room through a service like AirBnB. It’s a great way to bring in some extra cash!  

What are your multiple income stream ideas for this year? Share your thoughts in the comments below!

Looking for More Money Making Posts?

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Taylor Haahr

Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!