The Secrets Behind Creating Multiple Sources of Income
To prepare yourself for retirement.
To attend on your financial obligations.
To protect you and your family for emergency situations.
To diminish the risks that come from relying on just one source of income say your current job.
To accomplish your bigger goals in life.
1. Find Your Potential
If you remember my post called, How To Earn Extra Income in the Philippines, I’ve mentioned how important it is to find your skill and offer it. We all have our talent that can lead to potential income. All it takes is identifying what you enjoy doing and what people say you do good. It could be a talent, a hobby or just anything that you have that has value. Expand your knowledge so that you’ll have more options in what to offer to people.
3. Build Your Network.
Network on people that will help you grow in your career or your every endeavours in life. Having a good network is important for they will come handy in growing your money. How? Once you already have a product or service to offer, you network will be your very first source of customers and referrals. A strong network can also help you advancing in our career by giving you job leads and the industry-specific information that you need.
5. Try and try until you succeed.
Never let the failure stop you from doing what you want in life. Becoming wealthy and staying wealthy requires a lot of hard work. In my blog for example I spend an estimate of 35 hours a week for all of the tasks involved not to mention the fact that I maintain more than one blog. Embrace the failure and learn from every mistake for it they will always be part of our life.
The image ABOVE is a concrete example of a person who has Multiple Sources of Income. One should aim for the above sample to achieve financial freedom. I still far from a stable multiple source of income but I am positive than in 5-10 years I’ll be able to accomplish the sample cycle. That’s my ultimate goal after all.
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Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at email@example.com