Personal finance is not just about saving, investing, or getting life insurance.
Before we can have something to save or invest, and before we can have an income to protect, we first have to have disposable income that we can manage. That being said, let’s talk about several ways on how you can create sideline income without compromising your regular source of income.
Be an Online Freelancer
There are various opportunities that you can take advantage online. One of them is to provide a particular service based on your skills as an Online Freelancer.
Being an Online Freelancer, you may provide various services ranging from simple admin tasks like data entry and transcription, to a more specialised tasks like accounting and marketing. Take your pick.
You can do all of these during your free time – making every hour of your time productive.
To do all these, you may take advantage of the services provided by freelance marketplace websites like Upwork.com or Freelancer.com.
Create a Blog and Monetise
One way to make money out of your personal interest and stories is to make money by building your own website/blog.
It is possible to make money from a blog through advertisements, promoting products of different companies, or by building your own digital product.
It’s not FREE, but it will open opportunities like learning marketing and make use of the learning to upgrade your Freelance Skills. You could also have an income-generating asset that will require less work as your active income requires from you.
If you want to learn more on how you can build a blog starting with just $0.01, you may check out this link (use coupon code 1CENT to start building your blog with just $0.01).
Join Direct Sales or Multi-Level Marketing Organisations
I remember the best-selling author Robert Kiyosaki mentioned that MLM as one of the best and easiest way to go into business.
I personally believe that it’s true.
For one, the capital needed to start a Direct Sales and MLM business is not as high compared to starting your own business.
Second, the trainings that these MLM and direct sales companies are invaluable, which are applicable in business and in your day to day life.
Third, you can do this part-time without compromising your regular income, which is the most important thing. You’ll have the security of having a fixed income while trying to earn more through business – and who knows, this could be your major source of income.
Just ensure that before you commit to one, you ensure the legitimacy of the company that you are affiliating with. Also, ensure that you can manage the membership fee that they will be requiring. Don’t go into debt just to have something for the membership fee.
Personal Finance is about managing both Cash Inflows and Outflows
You will hear many financial advisors saying that you should save, invest, and get life insurance. However, some of us are perhaps living in a situation of making ends meet – that the budget is just sufficient just survive.
It’s not enough to just depend on one source of income. Having a variety of sources of income may provide more flexibility on our part, and more opportunities to save and invest for our future.
P.S. I have personal experience on all of these suggestions. If you have questions on how you can start, feel free to post them in the comments section below.