We strongly believe the way to riches is through diversifying your income sources and making your many works for you, whether it’s in a passive or scalable way. We wrote about passive income in the past and we highly recommend reading some of our articles if you want to learn more about it, but there’s also an income stream known as scalable income which deserves more attention.
If you don’t find a way to make money while you sleep, you will work until you die.
What is a scalable income?
A scalable income is an income that is generated from work that does not guarantee you to make any money at all, however, if done right, it can also generate substantial amounts of money. An income stream is scalable when it brings in substantially more revenue without increasing the effort and capital you put into it.
What makes a great extra income source?
The income should be:
Affordable: The majority of the ideas we share with you are rather cost-effective and made with regular earnings and investment in mind.
Enjoyable: Generating additional sources of income takes a lot of time and to do it right and see the returns, you have to enjoy doing what you do.
Flexible: The ideal behind any passive or scalable income source is that it should also give you independence and flexibility in terms of your time allocation towards it.
Scalable: The source should be generating a substantial amount of money.
Sustainable: The perfect source of income should generate money even when you are sleeping.
The idea is to build something that can be running without much of your effort, time and attention.
What is the difference between passive income and scalable income?
- Requires little to no work
- Comes regularly and has its limit
- Comes in a form of dividends from stocks, interest earned or rent
- Requires you to put work in
- Is not guaranteed Is limitless
- Comes from your work
Ideas for scalable income to start today
There are plenty of options to get started today and create scalable income streams. Some of the most popular ways include:
- Blogging and affiliate marketing
- Creating online courses
- Selling your designs online (Etsy or Amazon Merch)
- Publishing a book or an e-book
- Selling your images or designs on Getty images, iStock or other platforms
- Starting a YouTube channel
Whatever your skill set is, there’s always something you could offer that others can benefit from and you, in return, can make money from.
Who needs scalable income?
If you are working your regular 9-6 that means you have at least a few hours a day to focus on creating other revenue streams to support yourself and create a healthy stream of income for the years to come. Scalable income is for everyone and everyone can find their niche, so if you are looking for extra income, you should consider getting started today.
Hey, did you know we recently launched our Bankiom app?
We are all about helping our users grow their wealth most sustainably and efficiently and we are adding new features to the app every week to achieve just that, so if you are in the UAE download it now.