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7 Sources of Income to Become a Millionaire

I am a Chartered Accountant and am also a UPSC aspirant. I like to write about various topics and education & religion are one of them.

So, we all know we need to make money. But how? Sure, you can take a job and work hard to make your life better and your bank account bigger, but there are many other paths you can take as well. Here are some sources of income that may help those of us on the side-lines become millionaires; whether it's through investing or starting a business or taking handouts from rich friends, these ideas will create an alternative for those who want to do more. And yes, they're all legitimate (we're not talking about Nigerian scams here). 7 sources of income to become a millionaire

1. Investment

If you are looking for new ideas on how to make money, investing may be one of your best bets. Of course, the stock market is risky and comes with some risks that can earn or lose you money quickly, but it's also a great way to make some serious cash while still performing work that you enjoy. Investing in stocks can allow you to trade your money for shares of companies, be they large corporations or tiny startups. Of course, the larger the company, the better your chances of receiving a return on your money. Investing in stock is easy to do online, but you'll want to go into it with a clear mind and a bit of an investment plan.

2. Sell some crap on eBay

eBay is more stingy than some people think. If you're trying to sell an item for more than it's worth, you can bet that there will be hundreds of other sellers waiting to do the same thing so you better have an advantage over them! But eBay is also quite popular and, if there's one thing most people buy, it's crap they don't need anymore. If you can make things look new, buy in bulk and quickly, then you'll be able to get a good profit from your items. Sure, some companies have started offering free shipping, but that still means they're paying for the privilege of getting their junk out to the masses. If you're a seller instead of a buyer, however, then this is the method for you!

3. Become an affiliate marketer

Affiliates are marketers who are contracted by one website or company to advertise another's goods and services on their site or social media page for a certain amount of money. An advantage to becoming an affiliate marketer is that you don't have to come up with all the advertising ideas on your own. Many companies will offer a script and a base of ideas for you to exploit. All you have to do is communicate that one product or service to potential customers from your page or website. The more traffic you get, the more money you make!

4. Start a blog

Blogging is another way to make money online that requires no start-up cost and very little maintenance once it's started. Because there are so many people with blogs now, however, it's hard for people to stick out unless they're great at writing captivating content that gets people talking. However, as long as you can establish yourself as a reliable and interesting writer (and you enjoy writing), you should be able to make money from your blog.

5. Write an e-book

In the same way that blogs are easy ways to make money online, e-books are another popular form of making money. If you have a good idea and the ability to write it down well, you can take that idea and turn it into a physical book to be sold for profit. However, because there are so many books out there, you'll want your book to offer something new or something people can't get anywhere else. Do that and you should find that people will be interested enough to buy your book and turn a nice profit.

6. Start a mobile business

With the advent of mobile devices, it's easier than ever to start a business from anywhere you can get a network connection. If you're an app developer or an online retailer, then this may be one of the best ways to make money as long as you already have some capital invested in the idea. Even if you plan on developing apps for others using their ideas, it still pays well as long as your app reaches people!

7. Take handouts from rich friends

You don't have to be rich to take handouts from rich friends, but it sure helps! It's not that hard to get a couple hundred dollars or more if you ask the right person for it. The people who want to give you money because they're too cool for their own good are probably the best donors in the world, but you'll find plenty of people willing to cut you much more than that if they know that you need it. This isn't always much money, but when combined with other methods of making money, it can be much more than enough for your lifestyle.

Conclusion

In the end, there are many ways to make money from home without having to go through the lengthy process of seeking out a job. As a matter of fact, you can make money from home by starting a blog or an online business, or by investing in real estate or stocks, or taking handouts from friends. The possibilities are endless and the only thing you have to do is use your creativity and start going for it!

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2021 Deepanshu yadav

Comments

Deepanshu yadav (author) from sriganganagar on September 23, 2021:

Sold on ebay>started a website and a blog>did affiliate marketing through website and blog>earned capital and learned to invest in stocks and real estate. Yes, I am a millionaire.

These methods may be cliche but are definitely a way out to earn your first income but then it depends upon how you make your finance choices. You can buy a mobile or car (i.e a liability) or you can buy an asset that would create wealth for you. Yes, it takes time and is not an instant success.

Poppy from Enoshima, Japan on September 23, 2021:

Are you a millionaire who did these things?

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