What would you do if you lost your job? Would you be able to pay your bills and your children’s school fees, or feed your family? There are ways to make sure that you and your family never have to suffer financially, should you lose your job. The answer is multiple incomes.
Relying purely on your employment income is a thing of the past. We live in a world filled with income opportunities. All you have to do is pick one.
We’ve shared some ideas for you.
Hobbies mean business
What can be more rewarding than turning your passion into income? And you can! Think about what you are passionate about and how it can be marketed and provided as a service. Maybe you’re a great photographer or an excellent carpenter? Identify your strengths and then put them to valuable use.
Got a spare room? Open your door to the world
You can earn more than R2000 by becoming a host on the popular homestay network Airbnb. You also get to meet with people from around the world, which is a bonus if you have a passion for travelling. Find out more about becoming a host: http://bit.ly/2h5JpIG
Turn mileage into money
Did you know? You can turn your car into a money machine with technology company Uber. You can become your own boss by working for Uber as an independent contractor. Uber offers you the freedom to drive other people around whenever you have time, and to make money from it. All you need to do is sign up. Find out more about becoming a Uber driver: http://ubr.to/2gYdYmg
Don’t forget, your time is money
Freelance work can be anything from copywriting, proofreading, design, helping with tax returns, babysitting, repairs… you name it. It can be very rewarding, but it is also not for the faint-hearted. One month you could be making a killing, and the next month… nothing. It is therefore important to be smart about how you use your freelance income.
Keep your money eggs in multiple baskets. That way, losing one job won’t have such a disastrous effect on your household. Remember, multiple streams of income are great, but to achieve a higher saving rate you will need to spend way less than you earn. Invest your extra money wisely over a long term and you will reap the rewards in the future.