11 Ways to Create Multiple Streams of Income and Increase Your Cash Flow

multiple streams of income

It used to be landing your first job after graduating college was all you needed to be financially secure. These days, savvy young adults are learning to create multiple streams of income for themselves, so their primary job is never their sole source of income.

Here are 11 different income streams you can start today without spending a penny or overwhelming your schedule:

Passive income streams

If you have no time to devote to additional income streams, there are ways you can still earn money. Many traditional passive income strategies require an upfront investment of time or money. These three options can earn you money right away:

1. Turn your car into a billboard

Advertisers want car owners to turn their rides into mobile billboards using car wraps, vinyl decals that won’t destroy your car’s finish.

Freecarmedia.com pairs car owners with advertisers, offering drivers up to $400 per month for wrapping their cars. The advertising campaigns last anywhere from six to 24 months, and you can sign up for another advertiser whenever the previous campaign ends.

2. Become a referral source

Small businesses are always looking for new customers, which means you might be able to earn money by offering referrals to your favorite local businesses. Start by making a list of businesses you regularly use (your landlord, gym, financial advisor) and would be happy to recommend to friends and family. Then contact the owners and ask if they have any cash referral marketing offers available.

You can also earn money through referrals to banks, to technology companies such as your Internet service provider, and to digital services, such as Amazon Prime or DreamHost.

3. Rent out your parking space

Does your home or apartment come with a garage space or other off-street parking? If you’re willing to perfect your parallel parking skills and scrape off your car in the winter, you could rent out your parking space to a neighbor without a garage. You could do this directly by setting up a contract and payment schedule with a neighbor, or you could use a service such as JustPark or Parklee to rent out your space. Your neighbor will appreciate the off-street parking, and you’ll love the monthly rent.

Hobby-based income streams

Earning money on the side doesn’t have to feel like work. You can turn the things you enjoy into ways to earn additional money.

4. Become a dog walker or pet sitter

Turn your love for animals into a side gig that earns you money. Dog walkers with flexible schedules can earn money taking the pets of busy people out for midday walks. This is great for the animals, who get lonely during the day while their owners are at work. You can often find clients by posting fliers in local pet supply stores.

Alternatively, you could become a pet sitter for folks who are going out of town and don’t want to kennel their four-footed friends. Like dog walking, you can often find clients at local pet stores, although you can also find clients online. Dogvacay.com is like Airbnb for dogs; local pet sitters accept bookings for dogs in their homes.

5. Create a review site

If you are a voracious consumer of anything – books, music, movies, video games, or tech gadgets – you could make your passion a second income stream in the form of a review-based blog.

You can create a free site on Blogger or WordPress, and include Amazon affiliate links to whatever it is you are reviewing. You will receive a small percentage of any purchases your readers make when they buy through the affiliate link.

6. Make YouTube videos

Videos on YouTube run the gamut from tutorials to entertainment, and signing up for Google AdSense advertisements on those videos can earn their creators money.

In addition to creating compelling videos, you will also need to promote your videos on social media if you want to earn money from this particular hobby.

7. Design mugs or t-shirts

Artists, photographers, and designers had to make and maintain their products to make money on their designs, but that is no longer the case. Zazzle and Cafe Press now allow designers to imprint their art onto various products, such as mugs, t-shirts, cell phone cases, and tote bags.

When someone buys your design, you earn a royalty, and the site takes care of the production and shipping for you.

8. Referee or coach a sport

Sports lovers can turn their passion into income by becoming a referee or a coach for local recreation sports leagues. Both youth and adult leagues need knowledgeable referees and coaches for their games, and these positions are paid.

Similarly, if you are an expert in a certain sport, you can teach those skills for money. Local YMCAs and JCCs are always looking for teachers. Budding gymnasts, golfers, hockey players, and baseball players can use your expertise in improving their athleticism.

Side hustle income streams

If you have the time and the energy, a side hustle can be one of the more lucrative ways to create multiple income streams for yourself. Side hustles can be a little bit like a part-time job, but since they are self-directed, you can increase or decrease your time commitment depending on your needs and availability.

9. Become a server for a catering company

If you work a regular Monday-through-Friday schedule, you can pick up some pretty good money working on the weekends as a server for a catering company.

Catering companies usually have enough staff for weekday events, but they need additional staff for weekend events, which tend to be larger.

10. Tutoring

Whatever your area of expertise, you can find students who are struggling with the subject matter. You can offer to tutor students at the local university or community college, or to local elementary or high school students.

If you’re not sure how to find clients, Tutor.com will allow you to find students who need your skills.

11. Freelancing

College students and recent graduates are in a great position to start as freelancers since they have experience in both research and writing. No matter where your interests lie, there are outlets out there that are looking for fresh and original content.

You can find freelance opportunities on websites such as UpWork, Elance, and even on Craigslist.

How to increase your cash flow

The best way to protect yourself financially is to create multiple streams of income. Incorporating one or more of these income streams can help you to reach your financial goals and protect your financial future from life’s ups and downs.

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