I've been a long believer that one should never be satisfied with just one source of income. So I learned to work my butt off just to earn a living at a young age. Read: My Life, My Job, My Career and the 6 Success Tips that Helped Me).
I realized how much of a blessing it is that God provided me with means to diversify my income. He gave me the talent to host and the skills to write that allows me to really earn more than the usual. Having back up income streams gave me financial peace.
Learning how to effectively diversify your income will give you endless possibilities in life. So today I decided to reveal more proven ways you can diversify your income.
Love Your Day Job
Love and have fun in your day job. Remember it is the first source of income you have. Kung magpapabaya ka sa trabaho then you are just creating a big hole in your financial life. I created blog posts that about work and career that might give you some inspiration and additional inputs. See below posts:
My point is, start your diversification by having a day job (if you are a tambay) and committing to your day job (if you are already hired). It may be tiring sometimes but still... your income can pay the bills and feed your family.
Offer Your Service
The first income stream that I successfully created is event hosting. I offered my service in hosting special occasions like weddings, birthdays, debuts and company events. Assess whether you have a skill or a talent that you can offer to people. Even hobbies can sometimes give you additional money.
- If you are good with musical instrument like guitar or violin you can offer your service for weddings and other events.
- If you are good in writing then you can simply apply for freelance content writing jobs online.
- If you are good in a particular subject then offer your service as a tutor.
Create a Blog or a Website
If you are good in writing and you have this passion in sharing a part of your life to the virtual community then starting a blog/website can be a very good way to diversify your income. You will start earning through ads, affiliate links and sponsored reviews. Not to mention the wider network your will have. You can also start a niche website that focus on just a particular item or category that people will visit.
If you want to learn more on Why You Need to Start a Blog click HERE.
Visit PinayOnlineRakitera on How To Start a Blog. I also published Blogging 101 series in IzzaGlino.
Sell Products
I know a friend who earned really well through buy and sell. She buys gadgets and sells them for a little higher. She will get 300-500 pesos for each gadget she sells. You can also do direct sales like Avon and Natasha for a commission. It is something you can do during lunch break and you have your officemates as your strong prospects.
Invest Your Money
Once you have at least 5,000pesos you can now start investing your money. You can invest directly in stock market or open a mutual fund account just like what I did. Mutual Fund is a great example of diversification for the money you invested are being used to purchase multiple shares from different companies and fields.
More on Investment:
- Are You Ready to Ride? Here are the Investment Vehicles You Ought to Know
- Believing These 4 Myths About INVESTING Keeps You From Growing
- FAMI or COL Financial??? (Beginner's Alert!!!)
- How to Compute for your FAMI Investment
- How to Worry-Free Invest in the Philippines
- Investment Options You Can Try With Your Bank - New!
- Learn to Invest Without Tears Before 2014 Ends
- My 2015 Investment Plans and Nice to Haves
- On Investments Gone Wrong
- PNB UITF First Impression
- St. Peter Life Plan: Is it Worth the Investment? - New!
- Things that I realized since my First Investment
- UPDATE on my 2015 Investment Plans and Nice to Haves
- Understanding Managed Funds as an Investment Vehicle in the Philippines
Strive For A Passive Income
The biggest dream of everyone will most probably be earning Passive Income. Passive Income is a type of income wherein the money works for you instead of you working for the money. You can do this by rental activity like an apartment or room for rent business, dividends through your investments, publishing royalties through ebooks and higher interest rates from stock investments. Earning passive income is a total hard work so make sure that you strive hard to earn one.
If the above list is not enough then visit my post entitled 15 Ways To Earn Extra Income.
Did you find your post helpful?
Do you also aspire to earn extra income?
How do you diversify your income?
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- The Basics of Online Banking - New!
- The Rule of 72: The Classic Computation every Investor Must Know
- The Secrets Behind Creating Multiple Sources of Income
- The Three Financial Stages of Our Life
- The Three Types of Income
- Tips on Joining MLM (Multi Level Marketing) or Networking
- Top 10 Things To Consider before making that Big Financial Decisions
- Turning Your Salary to Income
- UITF vs. Mutual Fund (Beginner's ALERT!)
- Want More Money? Cutoff on These 6 Financial Traps!
- What Losing Weight can Teach you about Financial Management
- What is NAVPS?
- What is Peso-Cost Averaging Method?
- What is UITF Investment?
- Why You Must Know Your Financial Net Worth NOW!
Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in my Email List and receive templates to get you started in your Financial Wealth. Follow me on Facebook and Twitter for better updates. Godbless
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