The cost of living is increasing day by day. Before Covid, we did not have to spend on masks and sanitizer, now masks and sanitizers are one of the major expenses for us. A lot of us have switched to remote working, which has also increased our expenses like internet costs (we have switch to better plans), remote conferencing apps like zoom, etc.
Since our expenses are increasing, we also need to increase our income. A lot of businesses are failing and you may not get a salary hike any time soon. In a situation like this, you need to work on a secondary source of income. If you have a daytime job, you need to look for part-time work opportunities. Or perhaps, start a home-based business; begin working online.
How to create multiple sources of income?
You need to create multiple sources of income not only to cover your rising cost of living but also earn more money so that you can live a comfortable life, and save money for future needs. So, what options do we have for creating multiple sources of income?
Sky is the limit, there are a lot of things you can do to generate additional income. Here are some options to consider.
Candle making: There is a high demand for scented and decorative candles. You can learn the art of candle making by watching a 30 minutes youtube video. You can perfect the art of candle making in 2-3 days. You can sell your candles online or offline.
Soap making: You can make soaps and bath bombs. It does not cost much to start making soaps and bath bombs. You can sell via facebook, ebay, zazzle, etsy etc.
Video making: Youtube is one of the easiest ways, and also the best way to make money online, or generate additional income. You can begin with your smartphone and free video editor. If you are good at creating video content, you can earn really well.
Blogging: Blogging does not pay you immediately, you make have to work continuously for months before your blog starts earning, however, if blogging worked for you, you can generate passive income.
These are just a few examples.
How many income sources do you have?
Before Covid pandemic, I was working in a software company. My job was my only income source. I received a paycheck every month, nevertheless, my salary was enough to buy supplies (grocery, etc.) pay my bills (utility, credit cards, etc.) and pay for other expenses. After spending on necessary items, I still had some money left, which I used to save in the bank.
I lost my job when the company cut staff due to Covid. For 2 months, I lived off my savings. Then I decided to look for working opportunities online. I joined Upwork, started working on a website and app, and also joined paid-to-post sites.
Currently, I have three income sources. I earn from paid to post site, my website, and freelancing site. My app also earned me but I sold it to recover my investment on my website and app. I am not earning as much as I used to earn from my job, but I have multiple income streams and I manage to pay bills and buy supplies.
Yeah, When the Covid comes into our life most of us lost our jobs. And depending on the savings. I like the candle-making idea. I will try it.