Live Session with Finance Expert Bola Sokunbi, Founder of Clever Girl Finance.
Having multiple streams of income helps you expand how much you earn but it’s important to maximise your main stream of income for starters. This is to reduce the stress of having to juggle family and working on different income streams. Also, always make sure to make long term investments and have plans for retirement while you hustle to expand your income.
How Can I Expand my Income Stream?
There are three key ways to earn income.
1. Active/Earned Income: Money you get from working whether full time or part time. This includes wages, tips and salaries.
2. Passive Income is money gotten from something you created and you continue to get paid even after the work is long done. Writing books, creating courses, real estate are forms of passive income.
3. Portfolio Income is income from investments, interests, dividends and capital gains. These assets make money for you even while you sleep.
*Always do your research before investing in anything.
*Be sure of your reasons for increasing your income and have a priority list.
Books you can read:
Start with books that introduce you to investing.
General finance books