On Creating Multiple Sources of Income

Whether you want to take on marketing roles, start a passion project that can thrive on the internet, or invest in stocks, the goal is to open up new ways to earn so as not to be hamstringed when things don’t go as planned.

If there is anything the Covid19 saga has taught us, it is that security is an illusion as contingencies and emergencies could come up at any point in time. With many economies shaken and set to further retrogress, job losses are imminent.

The US alone has recorded about 10 million losses in jobs since the break of Coronavirus. Even with the limitations in data, you don’t need anybody to tell you that the already high rates of unemployment will further worsen.

Yet, with all of the bad news flying around, some people are unfazed because they have all the cushion required to survive the negative financial implications of the pandemic.

One of such is having multiple sources of income. Having sources of income not only helps you keep your head over water when one source is threatened, but it also allows you to earn from a diverse range of ways that may or may not necessarily require your input.

This does not always require that you work multiple jobs at the same time. Thanks to the advent of the internet, the opportunities are now at their peak. There are two main ways to do this:

Take On Remote Jobs

Before now, many people didn’t realize that most of the jobs we went to our offices to do could be done from the comfort of their homes. With the forced hiatus, the opportunity that has existed for a long time is now being depended on.

As long as the skill you have does not require that you are at a specific place with your client, you can take on remote jobs. Remote jobs are great side gigs as you can take on jobs from various parts of the world from wherever you are.

To start, you can join a platform like Fiverr or Upwork and even market your services on social media. You can also leverage the internet by creating digital content. All of these will set you on the right pace for making additional income.

Invest To Make Passive Income

One of the best sources of income is through investments for two reasons. The first is that it allows you to multiply your income. As opposed to leaving your funds in a static savings account where you could also lose money no thanks to the powers of inflation, your capital appreciates and even exponentially multiplies given the right interest rates and time factor.

This is what is known as compounding. The second reason investments serve as a great source of income is that you don’t have to do anything! Your money works for you.

By investing in the stock market, you immediately get a stake in a company where others are doing everything it takes to ensure you attain value and grow your funds. In essence, it serves as a passive and lucrative method of earning.

Whether you want to take on marketing roles, start a passion project that can thrive on the internet, or invest in stocks, the goal is to open up new ways to earn so as not to be hamstringed when things don’t go as planned. This is certainly one of the key steps to financial freedom.

Written by Lawretta Egba.