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5 ideas to diversify your income streams

5 ideas to diversify your income streams

When it comes to your income, everyone just wants to have more than they do. This wish is perfectly normal, especially in difficult and uncertain times, just like now. I believe a lot of people have already realized that it’s hard to rely on a 9-5 job for your entire livelihood. If you are thinking about ways of diversifying your income, we’d like to share 5 ideas to diversify your income streams.

It’s always easy to think, however, the issue is that we don’t do anything about it. Unless you start to make changes, you will only earn the same amount. So, if you are worried about your finances and ready for a brighter financial future, here are 5 ideas to diversify your income streams. Hopefully, you will get some inspirations from these below-mentioned strategies.

Offer a service or sell something

By offering a service or selling something you can create a small side business that you have control. Is there something you can make that people would buy, for example, a knit sweater or scarf, handmade pottery, or a piece of DIY wooden furniture? You may also find some nice products from a cheap supplier, which you can sell to the local market. On the other hand, if you don’t have confidence in selling things, you can offer a service like a freelancer to earn side income doing something you love, such as clean houses or deliver takeaways.

Invest in Real Estate

Rental income can be a strong stream and that’s what people tend to do when it comes to the second source of income. Although it may involve more than simply paying your mortgage. According to the financial specialist, “the benefit of diversifying via real estate can include leveraging a bank’s money to buy property, tax deduction, and appreciation”. Apart from that, you will also get a continuous cash flow.

Affiliate marketing

If you are a website owner, a social media influencer or a blogger who has a certain amount of loyal followers, there is another chance for you to earn extra income, promoting a third party’s product or service by including a link on your website or your social media account. When your followers or visitors click on the link and make the purchase, you are entitled to a commission. Affiliate marketing can be a great source of passive income as theoretically you don’t require a lot of effort to add the link. However, realistically speaking, you need to invest a lot of time and energy to create content and build traffic.

Investing

When investing in dividend-yielding stocks, you will receive a payment regularly. Companies pay cash dividends on a cash quarterly basis, and all you need to do is own the stock. The only tricky part is choosing the right stocks, which I believe you should seek help from a financial specialist. Alternatively, you can put your money in a savings account at banks, some online banks do offer high yields.

Get a second job

If you are quite worried about your finances, maybe finding a second job is the most straightforward way. You can use the skills you already have and spend a few hours in the evenings and at weekends on your alternative job. Then you have a regular and stable income stream to enjoy.

For people who have not noticed the importance of multiple streams of income, it’s always recommended to think about it. Maybe you are in a fortunate financial situation now or maybe you need to be inspired by some readings.

 

It’s better late than never. Once you start to add more income streams to your portfolio, you’ll feel more financially secure. Because, if in the worst-case scenario you have lost the regular income, you will still have others to fall back on.  

 

Recommended reading:

What It Means to Diversify Your Income and How to Do It

How to Diversify Your Income While Keeping a 9-5 Job

 

Disclaimer:

The information presented by staff or employees of Credit Hub and its associated companies is provided for general informational purposes only. We do not guarantee the accuracy, completeness, or timeliness of the data or views presented. Audience members should conduct their own research and verify any information before relying on it. Credit Hub and its associated companies are not liable for any errors or omissions, or for any actions taken based on the information presented.

Mortgage Broker in Point Cook

Credit Hub Australia
About the role

Join our dynamic team at Credit Hub Australia as a Finance/Mortgage Broker in our conveniently located Point Cook office, close to the freeway and train station, with free parking available.

In this role, you will be responsible for providing personalised mortgage solutions to our valued clients and also managing your colleagues by co-ordinating the allocation of files and general day to day running of the broker team. With a focus on delivering exceptional customer service, you will guide clients through the entire mortgage process, from initial application to final approval.

“Position is for Mortgage broker on commission/contract basis.”

What you'll be doing
  • You will develop and expand network with our help.
  • Sales, cold calling, and networking come naturally to you. You thrive on engaging with prospective clients to understand their unique financial needs and goals.

  • You will act on leads and existing database as provided and generate sales and ongoing relations.

  • Actively participate in team meetings and contribute to the overall success of the business

What we're looking for
  • You are an existing broker with proven experience in Mortgage Broking or lending abilities, or in a similar financial services role looking to take your career further with a successful Mortgage house.

  • In-depth knowledge of the Australian mortgage market, including products, policies, and regulatory requirements.

  • Excellent communication and interpersonal skills, with the ability to build lasting relationships and earn client trust.

  • A strong commitment to delivering outstanding customer service and consistently exceeding client expectations.

  • Self-motivated and capable of working independently, while also thriving in a collaborative team environment.

  • Relevant industry qualifications, such as a Certificate IV in Finance and Mortgage Broking.

  • Ability to manage multiple tasks, stay organized, and work reliably without supervision.

  • A results-driven mindset with a strong sales focus, coupled with exceptional work ethic, time management, and multitasking abilities.

What we offer

At Credit Hub Australia, we are committed to providing our team with a supportive and rewarding work environment. Some of the key benefits of joining our team include:

  • Competitive remuneration and performance-based bonuses
  • Ongoing training and professional development opportunities
  • Flexible work arrangements and a positive work-life balance
About us

Credit Hub Australia is a leading provider of mortgage and finance solutions, with a strong presence in the Point Cook in the Western Suburb of Melbourne and surrounding areas. Our mission is to empower our clients to achieve their financial goals by delivering personalised, expert advice and exceptional customer service. We are a dynamic and growing team, driven by a passion for helping our clients and making a positive impact on our local community. We are with Finsure as an agrregator Group. 

If you’re ready to take the next step in your career as a Mortgage Broker, apply now to join our team at Credit Hub Australia.

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