Hey there, Tom here.

You know the saying “the average millionaire has 7 streams of income?”

People love throwing this kind of stat around.

This is largely for good reason. After all, one of the fastest ways to begin compounding wealth is to have more inputs; the more fuel you have coming in, the faster you can run!

But I remember hearing this saying when I was much younger, and honestly, it was pretty disheartening.

How on earth are people supposed to create multiple streams of income…Let alone 7 of them?!

Fast forward a few years, and I now understand that diversifying your income really isn’t rocket science. AND you certainly don’t need 7 income streams to begin accelerating your path to financial freedom.

In fact, even adding 1-3 more simple streams can make a dramatic difference for your financial future and the skills you develop along the way 😎

Here’s a few of the most basic income streams I’d add into your life. After I share them, I’ll also highlight a hustle I’m using to make $1,000 - $2,000+ annually with just a few hours of work per year…It’s a juicy one that you can copy as well!

People underestimate the power of a good savings account…

Before you jump to building new income streams, ask yourself: is your current savings balance pulling its weight?

Inflation is still brutal. If you aren’t leveraging a high-yield savings account (HYSA) for your emergency fund and savings, you’re losing purchasing power every single year. It’s awful.

Personally, I use Current for my emergency fund. It pays 4.00% APY on up to $6,000 in savings and doesn’t charge monthly fees.

I also use and recommend CIT Bank. It can pay up to 4.10% APY right now for some of its savings accounts and also has some other solid savings products, like no-penalty CDs.

You can search for a list of top savings accounts in your country. But the point is, you must ensure your savings work for you to offset the impact of inflation as much as possible.

Once you do that, you’re ready to move onto Step 2…

Similarly to leveraging HYSAs, one of the easiest extra income streams you can create is to begin investing.

Personally, I dollar-cost average into a variety of broad market ETFs and dividend ETFs. I also have some individual growth stocks and dividend stocks I buy.

Dollar-cost averaging means investing a fixed amount into the market on a fixed schedule. For me, this means a monthly investment.

I like dollar-cost averaging because it keeps things simple. I don’t have to lose sleep trying to ‘time the market’ or anything like that. I just stick to my long-term investments and put my money to work.

I’ve been doing this for over 10 years. I now get paid quarterly dividends and can also benefit from longer-term participation in the market.

Again, this is one of the fastest ways to diversify your income. There’s no guarantees, but the opportunity cost of not learning to invest is so incredibly painful. And every dollar you put to work now can compound over time in incredibly powerful ways.

It’s also very easy to get started. Most leading brokers are commission-free these days. You can even get started with $100 to learn how investing works and to begin building the right habits.

💸 I also wrote a post covering 7 realistic passive income ideas you can build if you want to check this out for some similar ideas.

This is one income stream that can easily add an extra $500 to $1,000+ per year to your wallet with very little work.

The idea 👉 Set up ‘passive’ side hustles that pay you tiny amounts for doing things you’re already doing.

Here are some examples of what I’m doing:

Again, independently, these ideas don’t earn much. But when you stack them over 365 days, you’ll notice a difference.

By now, you should be able to create 3 additional income streams alongside your day job in the next few days.

This is already a recipe for success. This is truly how you start compounding wealth and ensure that your money is working as hard for you as possible.

If you stop here, you’re already doing better than average.

BUT we want to do better than just average at WiFi Wealth Insiders 😎 And this is why I talk about starting a one-person business or side hustle so often.

Even with a busy schedule, creating your own side hustle that can pay $500 to $1,000+ per month completely transforms the math for reaching financial independence. It’s insane.

There’s also plenty of options out there. Some of my favorites include:

I don’t want this newsletter to turn into a book 😂 But I’ve covered all of these side hustles extensively on Substack and over on YouTube.

My post on proven ways to make $1,000 extra per month covers many of these ideas as well.

If there’s one takeaway I hope this email highlights, it’s that you really don’t need to reinvent the wheel to start building wealth.

Most people I’ve met who are financially independent didn’t have a grand business exit or start some SaaS unicorn.

Instead, they worked decent jobs and got promotions. They learned to invest. They lived within their means, side hustled when they could, and were smart with their finances. Some of them quit traditional work and became self-employed, which is what I did, but this isn’t necessary either.

This is the realistic path forwards. It might seem boring, but honestly, boring is best when it comes to finances in my opinion.

So, if you’ve ever wanted to create a few different streams of income, I hope this guide helps kickstart your progress.

AND, I’m now going to share one side hustle niche I’m using to make about $1,000 - $2,000 per year with barely any work…I think you guys will like this one 😉👇

One of my all-time favorite side hustles is bank bonus churning.

🏦 Here’s how it works: There’s plenty of banks and FinTech apps out there that will pay you cash bonuses for opening an account with them. Some of them pay you when you move your direct deposit over, and some pay you for depositing a certain amount of cash.

Bank bonuses often range from $50 to $300. But you can find more lucrative ones depending on the promotional period and how much cash you’re moving around.

Each year, I open about 4-5 new accounts at financial institutions. Some are bank accounts, others are investment brokers. With just a little bit of work, I can collect hundreds of dollars for opening a new account. After 60-90 days, I repeat the process with a new bank/broker and get paid again.

You can Google a list of the best banking bonuses to find a current list of bonuses in your country.

AND you can also use reward platforms like Kashkick to find certain banking bonuses that are so easy to complete.

Kashkick is a rewards platform I use, and it pays you for doing things like opening certain accounts or for downloading different kinds of apps.

Anyways, here are some of the current Kashkick offers running that you can take advantage of to make over $500 in the next 45-60 days or so:

👉 Get $255 For Opening A Chime Account: Open a free Chime checking account through Kashkick and set up at least $250 in a qualifying direct deposit. This one is an amazing offer if you've never completed it, and Chime doesn't charge any monthly fees. Complete freebie offer.

👉 Get $200 For Getting Approved With Yendo: You can get $200 from Kashkick for getting pre-approved on a Yendo credit card. Yendo is a card where the credit limit you get is based on the value of your vehicle. Bit of a weird one I'll admit 😅 but going through the process for card approval is a nice $200.

👉 Get $125 For Opening A OnePay Account: You can also get $125 for opening a OnePay account and receiving your first direct deposit of $500 or more. This account doesn't charge monthly fees like Chime. It also lets you earn 3% cashback at Walmart and on gas and dining and has some other perks.

If you completed these kinds of offers, you’d earn almost $600 over the next two months or so…All for moving direct deposits around or getting approved for different financial products.

Between Kashkick and regular bonuses offered by banks and credit unions, you have quite a few options for getting started.

You can create a free account with Kashkick to explore which FinTech bonuses are available.

There’s other earning options too, like downloading apps for money and cashback deals, but the banking bonuses are where I focus.

Let me know if you have any questions about how this side hustle works!