The rich people’s understanding of money is something the poor and the middle class do not understand Author: Lauren Cuomo | The Capital | June 2021
One of the financial lessons I learned quickly from studying the rich and working with Silicon Valley millionaires is that multiple sources of income are a kind of have to!
Most of my high school classmates have never gone to college. They are in non-technical or “blue collar” jobs-they have only one source of income.
Now, this doesn’t mean they don’t work hard.
I would argue that some of my former classmates who laid floors and even worked in customer service or call centers were worse than me in dealing with difficult people on a daily basis.
However, at some point, you have to improve your skills and get rid of weeds-having a source of income and earning $40 a year with your family for support does not leave much room for investment and creating additional income streams. And you can only work so many hours a day.
One of the easiest ways (in my opinion) to generate additional income is to invest in real estate.
Many of my colleagues have at least A rental property As an additional source of income in their investment portfolio.
I don’t want to say that real estate is 100% foolproof, but it does not require a million-dollar business idea, nor does it require investment of time and sweat to run a company; it is also quite passive, allowing you to earn income while you sleep.
If you like the idea of investing in real estate but don’t have a down payment or you don’t want to have property responsibility, you can check my post How do I invest in real estate.
Finally, if you are not interested in real estate or you are in a career stage and need to upgrade your skills to generate additional income, then the Internet is a good starting point.
Choose what you like, roll up your sleeves, and get started. Whether you want to start an advertising company or a blog about fitness, you can start making money online for very little (or even zero dollars); the key is to start simply!
Through consistency, your Internet work can become an extra source of income outside of your daily work (my job is writing, and I can start making money in the first month)!