Save and Save and Save Again
With the availability of High Yield Online Savings Accounts, now more than ever, it is important to save. It is suggested that if you are working a job for “the man” that you divide your income into three different parts: (1) money you save, (2) your basic living needs, and (3) funds for pursuing your interests as well as for entertainment and other things that you do in your free time. Regardless of how much you make we believe that you should be saving and/or investing with at least 33 and 1/3 of your paycheck regardless of how small or big.
Offer a Service
So far, we have covered investing and saving as passive income streams. Another thing to consider is doing a service. Of course, the best possible way to do this is to not do the service yourself but to manage others who do it. Managing will take a bit of time, but this approach allows you to work on several different jobs with your staff at the same time thereby multiplying what you can make. And being that as of this writing many are staying at home and working via their computer, you have the option to make your service available digitally. The key here is to have a service that solves a problem that your customers have.
Apply Digital Transformation to Your Existing Business
Do you have an existing company that you would like to have more digital income streams? This is known as Digital Transformation and is important for those with their own entrepreneurial activities. It is recommended that they make certain they can convert the problem that they solve with a digital solution. If you have your own entity it is vital that you figure out ways to exist more in the digital domain. Why? Because now more than ever, digital is the key to what consumers are looking for so they can use them at home due to the Pandemic.
Create an Online Course
Consider making online courses. Are you an expert in something or do you know someone who is? Or even “know of” someone who is? Regardless, you can put together your own online course that is automated and delivers its educational information digitally. One way of doing this is having a membership website. Students of your course would gain access to this site that contains learning materials including web videos, text, downloadable PDFs and so on. This can be quite lucrative if your course offers the solution to a problem for which there are people in need.