Having more than one stream of income holds a whole lot of benefits.
If there’s one lesson this pandemic has taught us, it’s that jobs and businesses can be fragile.
The response of almost every government around the world to COVID-19 has surely taken its toll on our businesses and while our economy is gradually getting back up on its feet, this doesn’t ensure us our jobs and businesses complete protection in the case of another recession such as this.
So, it is best to be prepared with multiple streams of income to keep you backed up in case one of them crashes down, God forbid.
But before you go jumping into figuring out how to start-up your next stream of income, it is only practical that you consider these three overriding points:
This is a common thing to neglect to keep in mind when looking to set up a new stream of income.
Do you have time to dedicate to your new supply of income? What are some things that take up most of your time? Do you think you can give up some of those activities that are less important to make room for your secondary source of income?
A lot of people jump right in head first, not recognizing that all of this will come at the cost of time, no matter the type of income source you’re looking to set up.
Some sources of income will cost less time while others will cost more. Some will have a better ROT (Return On Your Time) whereas others may have less.
Are you willing to add another 8 hours a day for your secondary source of income, doubling your current work time? It may seem hard to think about it now, but in the long run, it might turn out to actually be quite worth it.
So take some time to pause and think about it. Discern within yourself how much time you have to sacrifice. Do you have 8 hours a day? Or 4? Or only 1 hour a day? Write it down. It is important to know and keep at the front of your mind while making your decisions. This leads us to our next point:
Every successful stream of income comes with some sacrifice. There will come a time where you will have to make a decision, whether you will give something up like your own comfort, a personal hobby, time (which we’ve mentioned above), money, or even pride.
Yes, there will be times you will have to lower your pride, which is something we humans have a hard time letting go of. You will come across a situation where you will have to set aside your ego and ask help from others, whether that’s monetary support, physical labor, or asking “stupid” questions to “smart” people to try and solve a problem, or anything in between.
What are some things you think are worth sacrificing for your second stream of income? Think about it and prepare to build up the strength to let it go.
On the other hand, it’s also important that you think about what you would absolutely not be willing to sacrifice. Write it down and keep it somewhere close. This way when the day comes that you are asked to sacrifice that thing you can remember what is most important.
Passive or Active
One other thing to ask yourself as you seek a second stream of income is, what kind are you looking for? Are you looking for a passive or active stream of income?
Active income pertains to income obtained by actively performing services. It typically takes up your time and energy. Passive income pertains to earnings received from work that doesn’t require any physical involvement. It is income that is created whether you are actively participating or not.
Most people dream of having their second stream of income to be passive, not realizing there are still some things to look out for when dabbling into this type of income.
The thing is, each type of income comes with its own expense. Seeking a passive stream of income may require you a different set of objectives as compared to that of the active income, which may or may not be suitable for what you hoped.
Passive income will often take time to grow. It won’t happen overnight as compared to active income where you put in 8 extra hours of work and you are immediately paid for those 8 hours.
Bottom line is that it’s always good to think ahead, it prepares you for what you will possibly have to face. It will make it easier to make decisions on where you want to come up with your second stream of income.
With all that said, here are just a few ways you can add to your current stream of income:
Getting a Job
Getting multiple jobs at a time can be difficult, but for some, it can be easy. This, of course, depends on numerous factors. There are certain things to consider and questions you need to ask yourself before you go and pursue a second line of work such as, “do you have this certain skill set?” or “what is your educational background?”
Often a second job will be during odd hours and may not be as well paying as a “professional” job, but may provide that extra boost you are looking for.
This is obviously a more active way to earn money and will come at the cost and sacrifice of your time. But as we mentioned above this is a simpler and quicker way to earn money for the effort you put in.
Investing is a great way to prepare you for the long-run. Investing is typically thought of as a much more passive way to create income, but this will depend on what you are investing in. For the sake of this article we will narrow the categories to the big and well known ones: real estate, insurance, dividends and stocks.
Before you invest in something, definitely do a lot of research on where you plan to invest. There are countless companies worth investing in, it just takes a little bit of hard-looking to find the right ones. But if you don’t get the proper education and do the proper research you could end up losing what you have invested in.
Investing will usually start out as an active way to earn as you are learning, but will transition into a much more passive way to earn as time passes. It will come with the cost of sacrificing your time and money up front. You won’t be able to spend that money on the newest gadget you have had your eye on. Instead you are going to have to wait for your money to grow. As time passes, investing will require less from you and will be a more passive form of income.
Start an Online Business
It’s all the rage these days. Since the pandemic, a lot of physical stores and restaurants had to shut down and we had to suffer a lockdown. Thankfully this all happened during the era of the internet, making the process of selling through an online store as easy as 1-2-3.
There are two ways to get your business going online, that’s either to set up your own personal website or to sell your products out on e-commerce platforms.
You can set-up your own personal website through online platforms like WordPress, Squarespace, and GoDaddy. The advantage of making your own website includes controlling your own design and layout, and widening the variety of your inventory.
You can also choose to sell on e-commerce websites such as Amazon, Etsy, Facebook Marketplace, and more. There are a lot of benefits to utilizing e-commerce websites to sell your products like you wouldn’t have to worry about coding and designing your own website anymore.
Making income from an online shop will take some patience as it will require a huge portion of your time and effort, just as you would with a physical shop.
Stream or Upload Content
Thanks to media sites like Youtube, Twitch, and Tiktok, you can make money out of your own hobbies and interests.
We all know by now that people have become celebrities and millionaires only through Youtube and Twitch.
And all it really takes to get started is a desire to create and the motivation to keep pushing through.
Making money out of websites like Youtube won’t promise instant success, in fact, it will take you a whole lot of time and effort before you can really start making money off of these platforms.
Whether you’re a writer, a graphic designer, or a voice actor; finding a freelance part-time job is easy and we highly recommend you give it a try to include it as your second source of income.
Websites like Upwork, LinkedIn, and VoiceBunny are great platforms when it comes to freelancing.
Side-line freelancing will come at the cost of your skills, ideas, and efforts. The amount of pay will also depend on the type of work you’re in.
Rent Your Properties
Suffering from a cluttered garage? Is your car just sitting idly by? Renting out your personal property is another great way to add to your income.
Renting out your belongings is an example of a passive income, not having to actively perform in any way but to just passively allowing the cash to flow in. The great thing about this is it does not take the upfront cost of your money. Instead you can do it with just the things you already own. While you are out there spending your time working your belongings that normally sit in the garage are now spending their time working for your sake.
Consider renting your things with us at My Garage Rentals, we allow you to rent out almost anything, just make sure that others will find it useful to rent. Whether that’s your appliance, tools, camera gear, or even your clothing, you can list it for rent at My Garage Rentals.
Head on over to www.MyGarageRentals.com today to find out more and avail of our services.
The number of active COVID-19 cases has not ceased from rising and it just keeps ongoing. Because of this, multiple states in the US and countries around the world have now implemented mandates that require residents and business employees to wear face masks in certain settings.
While some are pleased with the regulations, others believe it is a violation of their free rights. Whether you are a face mask skeptic and do not wish to go to work wearing one or you’re just looking for a job that doesn’t require you to have to go outside and risk your health, you might want to consider working from home instead.
We’ve come up with 10 awesome platforms you can have look at to help get you that work-at-home secured experience.
Upwork, Indeed, and Fiverr
Six years ago, digital outsourcing sprung up to the business world like an embryo, and it wasn’t until recently that people started rushing to the web to apply for work. It grew and became one of the fastest ways to hire employees and look for work.
Digital outsourcing gives freelancers a platform to help make working virtually at home possible, as long as you have internet and a computer of course. Upwork, Indeed, and Fiverr are the most well-known websites when it comes to digital outsourcing and job searching.
From start-up businesses to rapidly growing companies, employers from around the globe look to these websites as the go-to platform when it comes to hiring. Being that it is the go-to website for most employers, finding the work that best suits your skills will be nothing but effortless.
Upwork has been online for several years now and over 10,200 employees have taken advantage of Indeed’s services. Like the other two websites, Fiverr also connects businesses with freelancers, offering digital services in 300 plus categories.
Amazon offers a diverse list of job applications, including virtual work that can be done at home. When you visit their website, just head on over to the Virtual Job Listings page and you will see a whole list of job offers posted specially for those in different remote locations.
There is plenty of opportunity on social media, more specifically on Facebook and Instagram. Social Media Influencers who make a living off of social media get their income from merchandise and ad revenue. You will have to work for those followers and viewers first before you can start earning.
Ideally, you will have to first decide who your target audience will be and that will also depend on what kind of content you will be producing. From there, you can build your community as you post content regularly. It may take some time, but with continuous hard work and persistence, you’ll be earning in no time.
Social Media Influencers can consist of livestream gamers, vloggers, product endorsers, models, etc.
My Garage Rentals
I’m sure we’ve all experienced that one-time spending money on something we’ve only used once, just to find it years later all covered up with dust, rust, and cobwebs as we spring-cleaned the attic or the garage. That would be fine if it were only a small tool like a measly hammer or a screwdriver, but what if it were something bigger that cost you a larger sum: like a jackhammer or an auger?
Money wasn’t the only thing wasted here, the time it was just sitting there was a waste in and of itself. What about the canopy, monoblock chairs and tables you use only once or twice a year for a birthday party? And how about that DSLR camera you said would gravitate your career towards photography but only ended up decorating your shelf?
Luckily there is My Garage Rentals, a peer-to-peer rental service platform that seeks to connect communities, allowing them to easily rent out their inventory to those that would rather borrow than buy. This gives your old, barely used things more value than leaving it to just sit in the corner somewhere.
My Garage Rentals is by no means a career, but it’s a great way to make that extra income while being in the safety of your home.
Kickstarter is a great platform to turn your creative ideas into reality. Your creative work is shared with a community that will later fund your project. This platform is perfect for inventors, game makers, and designers, to mention a few.
The awesome thing about Kickstarter is that the creators have full control over how the work is done from the ground up. The donors will not demand any last-minute revisions or require you to show several draft studies. Everything will be up to you, complete and absolute freedom.
As your donors back up your project’s funding and help advertise it, they too become part of your independent project.
Etsy is a global marketplace for original and creative products. If you’re skilled in arts and crafts, miniature sculpting, woodwork, and other do-it-yourself knick-knack skills, Etsy’s services allow you to sell your products here.
This is a great platform to turn your hobbies into a business and help propel you to the top. Etsy connects creators with buyers who prefer products that are handmade with tender loving care and have that human touch that no machine can replicate.
What if we told you that you could earn merely by trying out phone applications? With Featurepoints you can earn by downloading phone apps and submitting feedback. You can also earn by answering certain surveys and watching certain video ads.
You’re even given the option to receive your earnings either by cash or reward points that you can later use for well-known outlets like Nike.
This may not provide a stable income and it is not considered a job or a career by any means, but this can be a good side-line to nab a little extra income while looking for a more stable job.
VoiceBunny is the perfect platform for voice actors to showcase their voice-over talents online. Whether you’re just figuring things out or have already mastered voice acting, VoiceBunny is the site to be.
If you are just starting, it is recommended that you begin with charging small rates for your services at first and then work your way up as you complete more projects along the way.
Voice acting will not at all require you to have to leave your house since all you need to work with is your computer and recording device. VoiceBunny has been around for quite some time now and has proven to be quite a reputable voice-over job-seeking platform.
Just like in social media, earning money on Youtube won’t come easily and there usually aren’t any shortcuts for it either. You will also have to build a community first through the content you post, just like how social media influencers do.
If you work hard at it and remain persistent in posting regularly, your views will eventually increase and the subscribers will follow. Your content will have to be something that will capture a certain type of audience, the goal is to build a community that has a united interest.
Youtubers earn off of merchandise revenue and ad revenue. Youtube requires you to reach 1,000 subscribers and 4,000 total hours viewed before your videos are allowed to generate ads.
Twitch is a live-streaming website. Twitch is widely popular with video game enthusiasts as it was designed to provide gamers a platform. So, if you’re quite a skilled gamer, this might just be the workplace for you.
Just like Youtube and social media, you need to plan first who your ideal target audience will be and what genre of gaming you plan to stream. There is usually a different audience for each video game genre, so it’s important to keep in mind what type of games you will invest in.
Twitch streamers earn money through subscriber donations, merchandise, and ad revenue.
Whether we like it or not, we’re living in a new normal and that entails a new way of working. Not everyone was blessed enough to keep their physical work but we’re all blessed to be living in the age of the internet.
These websites are just some of the countless ways you can earn a living online and in the security of your home. We hope that you find the platform that best serves your preference for work.