Warren Buffet once said the best way to attain financial freedom is to have multiple streams of income and he is not far from the truth you know? Many of the world’s population are used to the conventional way of living which sees you wake up in the morning, you go to work, sleep at night and repeat the cycle the following day and over and over again until your retirement where you have to depend on pension for the rest of your life.
You don’t have to lead such life you know? You don’t have to be tied to the rat race the rest of your life. People are searching for ways to attain genuine financial freedom and you too should. If you wish to attain financial freedom sooner than later you may need to hang on for a while and ensure you read this post to the very end as it contains 10 best income producing assets you should go for.
A few years ago, I took it upon myself to look up and observe the lifestyle and investments pattern of the world’s richest people and I noticed something similar with all the people I studied, I noticed they all have multiple income streams.
Again, I decided to study the people in my neighborhood and I discovered those who got more than one source of income are better off those who reported to a place of work on a weekly basis. It was an open secret, having multiple income stream fetch you more money than have a single source of income.
So, if you saved up enough money and looking for what to invest in, we’ve got you covered on this as this article contains the best income producing assets you should go for
10 Best Income producing assets you should go for
1) Investment in Properties
Property investment is one of the oldest forms of investment and still one of the best ways of investment till date. How to go about this? This requires little or no explanation. All you got to do is purchase a property or build one from scratch and put it up for rentals.
But property investment is easier said than done. If you wish to buy a property for rentals, you must do some evaluation to ascertain the period of time it would take to recoup primary investment capital.
For instance, there is no gain buying a property for rental at a cost that it would take about 20 years to recoup investment money. This and many more including proper documentation should be done before deciding to purchase property for rentals.
2) Invest in Certificate of Deposits (CDs)
Certificate of Deposits is one form of investment you should really look at. Though not a physical asset, Certificate of Deposits is another form investment that allows you make money in a passive way while still engaged with other assignments.
CDs is was of making your money more money for you. It functions as a savings account but differs in that you are not allow to withdraw your savings until a specified period of time. In CDs, you enter an agreement with your bank and they pay some dividend over a period of time. This is one form investment people need to start paying attention to.
3) Invest in Airbnb
Do you know about Airbnb? You sure do, but do you know you could make enough money from the Airbnb and even make it a major source of income? You probably don’t.
Airbnb is a company that help you find people are looking for apartments to stay for a specific period of time at an agreed cost. These days, not so many people prefer to stay in the hotels for business trips and other engagements.
If you have a property that is vacant and not in use you can sign up with Airbnb and allow guest stay in there for a short period and pay you for rentals.
You don’t have to fear about damages by guest when you sign up with Airbnb as the company is fully insured and would fix any damages of your company.
4) Interest Paying Bonds
Investment in bonds is another form of investment that makes you make money from multiple source. What is a bond? Bonds allow you invest in a company and you get a certain percentage of returns on a monthly basis. There are a handful of Interest paying bonds you should know and some really good paying Interest paying bonds platforms are –
I) The federal government (Treasury Bills)
II) Sections of the federal government (Agency Bonds)
III) State and local governments (Municipal Bonds)
IV) Foreign companies or governments (Foreign Bonds)
5) Peer to Peer Loan
Peer to peer lending is a modest way of making additional income. This could be done in a number of ways. The popular way of peer to peer lending is giving out loans to people you know over a specific period of time and they get to pay you back with an agreed interest.
With the world getting even smaller due to advancement in technologies, you could lend money to people you never met before. All you need do is set up a website or app and run an AD so that people are looking for loan for various reasons could reach you.
This would help you reach more people and more people means more money. Although you should aware that this form of business involves lot of risks so you have got do a though search to learn more about potential clients and ensure you recoup your fund at the end of the day. You should give peer to peer lending a try.
Also Read: 13 Ways to Make Your Money Work for You
6) Cars for Rentals
You could by cars and other autos like truck and put it up for rentals. This is a major way of making additional income. People are always looking for cars to rent for one purpose or the other and you could get in the business renting cars to clients.
Another form of car business is buying cars and signing up with companies like Uber. Don’t worry you have to do the driving. There are people who are willing to drive the cars and make returns over an agreed period of time.
7) Dividend yielding stocks
There are several companies that pay out earnings to their shareholders each quarter via dividends. These are known as “blue-chip stocks” and tend to be reliable and able to weather most economic downturns.
Many investors like to add a few dividend paying securities via blue-chip stocks in their portfolio to make sure that they receive earnings consistently throughout the year. And while others prefer to select individual shares to invest in, you can get started by investing in index funds that specialize in high-yielding dividends.
Dividend yielding stocks is a good way of making money passively and it allows your money work for you. All you need do is to consult some financial expert and they would guide you on the best stocks to invest.
8) Make your own products
This is another form of making money. You could set up a small company that produces basic household items like soaps. Once you do this, you should look for ways to promote the brand and make it popular. With this, you are rest assured to attain financial freedom.
You can search the internet for ways to start up small companies and consult relevant companies. Start small and keep pushing to get your brand up there with the rest and you are sure to make so much money on the long run.
The list above contains proven ways to make money from multiple streams of income. This would help enjoy a much more retirement age than if were to do a nine to five job the rest of your life.