Relying on a single source of income can be risky, as unforeseen circumstances can lead to financial instability. By diversifying your income sources, you not only increase your earning potential but also create a safety net in case one stream dries up.

Whether it be starting a side hustle, investing in the stock market, or monetizing your skills, having multiple income streams gives you financial flexibility to better weather economic storms.

Take control of your financial future by diversifying your income streams and setting yourself up for success!

Below are seven income sources you can pursue:

1. Earned Income – this is the money you receive in exchange for your time, skill and labor.
2. Profit Income – this is the money you earned from sales or providing products and services.
3. Rental Income – this is the money you earn when you rent out a property you own or collect rental income from an investment.
4. Portfolio Income – this is the money you earned from investments from stocks, dividends, bonds and interest.
5. Royalty Income – this is money you received from sources such as royalties or through a contractual agreement for work.
6. Passive Income – this is money you earn through channels that don’t require your active participation.
7. Capital Gains – this is money you receive when you sell a capital asset such as real estate or stock.

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