Type in "additional income streams" in Google and you will get more than 3 million results! And for a person who is so risk-averse that gambling causes physical pain, I need to find a better way of filtering information.
So I did what any lazy person (the type whose as$h0le friends would say to her to Google things up) would do -- I asked a couple of friends who I know have sources of income other than their day job and what their advise is for someone who wants to start.
They all said 3 things in common.
WARNING: I am by no means endorsing what they said I should do from a financial POV nor am I qualified to do so. I am merely sharing because daswhattahdo.
|If only wedding coins have real value.|
Things happen. More specifically, unexpected expenses pop up every once in a while. If this does not resonate with you, remember a certain part of the Up movie where Ellie and the old dude protagonist start saving up but one of their tires pop so they had to spend their jar of travel money? That's what I'm talking about. Except in real life there is no fast forward montage about it.
|Invisible ninjas chopping onions|
And no, a Beyonce VIP concert ticket is not an emergency expense.
2. Stop using a piggy bank
If you are all set with item number 1, their next common advise is to invest in other financial instruments that will require little to no effort on your part for them to grow if you can spare leaving your monies untouched for a long time.
UITFs or mutual funds.
Insurance that invests your money in some magical money-making vortex (I am pretty sure that that is the actual financial term for it) so it also grows.
Add another Pag-ibig fund of sorts where you can put your money in and hide it from the man (of course I kid I meant tax free).
Seriously though, you can also invest in yourself to increase your worth in your day job. Learning a foreign languagr can land you a language premium should your business requirements in the office need it.
|Invest in me.|
3. Capitalise in yourself
They said to look for that sweet spot that intersects these 3 -- something that you are good at, something you enjoy doing, and something that people find of value enough to pay you actual non-Monopoly money. Then use that to start a side business that you can run over the weekends or during your leisure hours.
|Me draw good. You amaze. Big eyes.|
How about you? Any words of financial wisdom you'd like to share to help me with #Dream2026? Do you also have income streams you'd like to share?