Thursday, June 23, 2016

The Search for Additional Income Streams #Dream2026: Week 3 of 522

Man the internet place can be confusing.

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.
1. Be liquid

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
So according to them, always have enough money that you can easily access should emergencies occur. Some said you should at least have 12 months worth of your monthly expenses,while others said 6 months, in your savings account before you look into investing your money in other sources of income.

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.

Stocks.
Bonds.
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).
Time deposit.
Treasury bills.

Yourself.
Naks!

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.
Which is the perfect segue to the final suggestion from my friends with other income streams...

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.
Thank you to all my friends who patiently answered my stupid questions about moolah and making mooolah. You will all have free overnigth stays in Casa Aika soon.

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?

2 comments:

App Developers Gurgaon said...

I don’t know how should I give you thanks! I am totally stunned by your article. You saved my time. Thanks a million for sharing this article.

Christia's World said...

Anytime!

Post a Comment

Thank you for leaving a message and commenting. You get +1 experience point in life per comment left in this blog, didja know that?!

P.S. Please DO NOT leave links or htmls in your comments

Share this to the WORLD!