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To a certain degree, you have to spend money to make money. Business income is the money you make by running your own business, selling products and services to interested customers.

Business Income – Related to employment, but not quite.

A family cabin isn’t entirely passive, you still need to turn it over and prepare for your guests, but it isn’t employment either. Essentially, can you buy something that other people will want to use? Perhaps the most common example of this is rental property.

Owned Income – Not quite the same as passive income, owned income is the money you make off of your property or assets.

In general, you make money by managing your investments. This can refer to dividends, capital gains, even the profits from a business you may have invested in.

Invested Income – This is money that you make from your investment portfolio.

For example, many writers rely on the royalties generated by their published books.

Passive Income – This means you are earning income from external sources without any further involvement on your part.

In fact, most wealthy households hold wide and diverse sources of income without filling out an application to work at Macy’s or a beach-themed mall kiosk.īeyond work, the four major places to look for income are:

On the other hand, it also isn’t strictly necessary. However, if you are looking for a paycheck on the side, picking up work is never a bad idea. Millions of Americans who can’t find more stable employment rely on low-paying, unstable work for their primary income. They drive for rideshare services, deliver meals and groceries or pick up hours on odd job sites.ĭon’t believe that this work is limited to side hustles. For many, many more people, side work today means app-based gig employment. This is particularly popular for younger people, who may pick up hours in the service or retail sectors on the side.

As we note above, for a relatively few Americans this means taking a part-time job. When we talk about multiple streams of income, a second job is the natural place to start. Half of all workers 40 and under do gig work in addition to their full-time jobs, and most of them report needing the money for either bills or to establish savings.īetween formal and self-employment or gig work, just about four in every 10 U.S. However, it is a fraction of the real total, largely because both the Census and the Bureau of Labor Statistics use a relatively antiquated definition of formal employment to define someone’s second job.

The number of people with multiple streams of income has been growing over the past 20 years.

That Etsy store might not pay all the bills, but done right it could certainly help a six-month emergency fund stretch a lot longer. Here are a few rules of thumb on creating multiple streams of income. Consider working with a financial advisor on how best to augment your income. According to the Census, 7.8% of Americans work more than one job. Having multiple streams of income is rapidly becoming how people save for retirement, get out of debt or just build up some spending money. Nearly half of all Americans depend on secondary work to get by. This is largely hidden from BLS and Census bureau data.