For many of us, our financial needs seem to be never-ending. You need to put a roof over your head, clothes on your back, food on the table, pay your bills, access a vehicle, contribute to a pension and have some kind of life or death insurance.
Jobs on the side - Add on top savings and any unforeseen rainy-day expenses. It can be overwhelming.
The only way to meet this never-ending monthly reduction of your wealth is to get paid. Most people start working for someone else. Finish your education and start a career. That’s what we tell our children. That’s probably what you were told to do too. A job puts money in the bank every month. But with the gig economy, Uber, Amazon FDA and eBay, there are ways to create another income stream. If you decide to be self-employed you can either sell a product or a service.
Developing a product could be likened to planting a vineyard; tending the soil, caring for the vines and eventually harvesting the grapes to create a beautiful wine. It can take years to perfect and provide a steady income. This sort of business involves sales, marketing, registering new businesses, design, video and social media. Online sales of this sort of product are profitable as it can happen at any point, even when you’re sound asleep at night!
The experience and skills developing a product or any other form of experience you may have could also lead to the alternative to a product – a service. Maybe you could consult in your areas of expertise or offer another form of service. Services can be easier to turn a profit because they don’t have any big initial outgoings. Your employer values your work by paying you. How about you take the skills you have, to create a service that people need.
Whether you choose a product or a service, having a secondary source of income could relieve some financial pressure. Just make sure you leave enough time for you too!
Written by Chris Beveridge - Town City Cards