Few months ago, during my reflection, I told myself that with all the things I learned the past year, there is not a reason for me or an employee to lose a job and feel like we lost our main source of income.
In this modern time, we all need to have our own side business and diversify our sources of income.
We need to create multiple streams of income and stop relying on our employer to put food on our table or pay bills.
We need to cut down on our expenses and free some income to start our own business on the side
We need to list our strengths, skills, hobbies, and see how we can turn what we are good at what we enjoy doing into money making machine.
Each one of us has a skill that someone else is willing to pay for.
I have a job and would like to renew my substitute teaching authorization just in case. However, I realized that it would be trading my time for money if I sub teach. However, I like school environment therefore, it is still on my to do list.
I like to start a vending machine business and already told my husband that we need to drive in town to see places that would be good locations. I have that plan before the pandemic started.
Rental Real Estate: it is good to have rental income as a stream of income in your income portfolio
Blog and YouTube: They are ways to share your skills and knowledge and gain credibility. You would be able to start selling products you created from the skills you have. Your products could include:
- E-course: to teach something you know how to do
- Ebook:
- Handmade products online: product that you created physical or digital
- Consulting: whether locally or online: based on your degree or experience
However, it takes time to implement any of these strategies and start generating enough income to support your life style.
Start your side business as early as possible while you are still an employee and keep your job as long as you can until you can live well on your business.
Create Multiple Streams of Income to supplement your salary and retirement income: Rental Real Estate, Rental Storage Unit, Trading Stocks, Handmade Products, E-books, E-Course, Product Labeling, Vending Machine, ATM Machine, Consulting, Blog, YouTube, Reselling… Stop relying on your employer as your main source of income or your main income provider.
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