5 Streams Of Income That Will Grow Your Wealth

Did you know that most millionaires have 3+ streams of income? If you want to grow your wealth, here are five income stream ideas to try out!

- Feras Moussa

Studying millionaires is quite fascinating, because more often than not, they are regular, ordinary people with remarkable discipline and focus. Very wealthy individuals get that way by working differently not necessarily harder or smarter) than the rest of the world. One fascinating insight into millionaires is that they typically have multiple streams of income.

Most people have at least one income source: their employment. They go to work on weekdays, and after enough days of work, they receive a paycheck. However, well over half of millionaires have three total income streams. For some, that is work plus at least two others. For others, that might not even include labor at all.

Having multiple income streams is a powerful wealth building tool, because the right streams can increase your wealth passively. If you're looking to grow your wealth like the well-off do, here are the top five streams of income that will boost your bottom line:

1. Real estate syndications:

Passive income streams are one of the basic wealth-building blocks. Every person on this planet only has so many hours in a day. No matter how much you can actively work, you will always hit a ceiling on how much you can earn and how much you can save. You can turbocharge your wealth generation with passive income, because you will make money even as you sleep! Real estate syndications are one of the best passive sources of income. A syndication is a group of investors that purchase a particular multi-family or commercial property. These investments typically run for about five years and feature yearly returns of around 8%. On top of those above-average returns, syndications sell the purchased building, sometimes providing investors with a 30%-50% lump-sum return at the end of those five years.