Have you seen a dip in your income in this age of pandemic?
If your answer is yes, then you need to diversify your income from here on.
As we know due to the COVID-19 crisis everyone's income has been affected. Some have lost their jobs and others have to take a pay cut.
Many self-employed people, who run businesses have seen a decline in revenue due to the lockdown and low economic activities. So decline in income is all over the places.
This crisis has taught us an important lesson, though we have heard it before - never put all your eggs in the same basket.
Coming to the main topic, we should focus on the diversification of our income. For financial stability, we should build multiple sources of income.
As we have seen depending upon your paycheck is the same as keeping all your eggs in one basket.
So now the question comes to our mind....
How to diversify our income?
We need to build new sources of income to support our main income. Yes, it does not sound so easy but you can start building it slowly.
1. Invest in yourself, learn new skills by taking some online courses. You can become a freelance writer, blogger, digital marketing expert, or a virtual assistant, the list goes on.
2. Invest in stocks and ETF. You will get additional income in the form of dividends.
3. Invest in property, buy a small house unit, and give it on rent.
4. Put your excess money in high yielding interest accounts.
5. Do some side hustle jobs - mowing a lawn, teaching kids as an online tutor, babysitting, dog walker. the possibilities are endless.
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