Benefits Of Creating Different Income Channels
You might not be able to feel it yet, especially if you only have one stream of income, but having multiple channels that give you different amounts of money is kind of relieving. Who doesn’t want to receive extra cash? A lot of benefits awaits you when you found the income channels that work for you—receiving cash from other than your primary source of income, being able to invest without worrying whether your money will be sufficient or not, saving more, and being able to afford what you couldn’t in the past. See? Lots and lots of benefits are there. You just have to know where to start.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.
ICON Davao – November 30, 2019
Stock Smarts Manila – November 24, 25, December 8,9,15,2019
Diversify Your Investments
One of the ways you can create multiple streams of income is by diversifying your current or new investments. Just make sure you are buying the right set of portfolios because not all investment types work for everyone. Invest in stocks and mutual funds. Don’t gamble your money in stocks alone because there are also good benefits of investing in mutual funds, bonds, and commodities. Diversifying helps but know the risk of what you are doing as well.
Sell Something Or Offer Your Service
After diversifying your investments, if you still have time, sell something or offer your services to the market. Research everything you need about selling products and services and apply the information you gathered in your strategy. If you are going to do this part-time, you don’t have to spend much on your research. You can sell your preloved stuff or you can do freelance jobs. There are a lot of online websites and stores where you can post your products and services. You must learn to market them properly so you can attract customers.
Begin A Passion Project
You have no control unless you are the boss. That’s how the economy and businesses work right now. One way you can create another source of income is by monetizing your passion. Find out what you are passionate about, identify if there is a way or a chance to monetize that passion, and begin small. Everything you start doesn’t have to be big. Learn to start in the first step and gradually increase the time and money you invest in your passion project. Aim to be the boss because this is the only way you can control what your business does.
