8 Extra Sources of Income Aside from Your Full-Time Job
There are multiple roads to financial independence.
In the past, a person used to be defined by his profession. Not anymore. In this day and age, many people take on multiple roles, usually in a traditional job or business plus other smaller ventures. Being a hyphenate is now an asset, with more streams of income.
TURN SKILL INTO OPPORTUNITY
Sign up for freelance work online.
Be a tutor, teacher, or consultant in your free time.
Pull your school records out of dusty archives. High grades in a particular subject will impress parents who want their children to have the same academic standing.
Math, notorious for bringing down many students' averages, is an especially lucrative area in tutoring. You can charge P1,000 an hour or even more if you have professional credentials to boot. There is also a demand for English tutors who can help Japanese and Korean students practice daily conversation.
It's not just the academic types who can earn money through teaching. If you have at least five years of experience in a technical field such as IT or graphic design, you can teach part-time in small colleges. A master's degree will make you eligible for higher pay.
You can also serve as a consultant for small businesses. Just make sure that these part-time activities do not violate your contract with a full-time employer.
Write about your expertise or hobby.
One of Town &Country's beauty features was written by a dermatologist. Another story on coffee brews was written by an enthusiast who did a college thesis on coffee. It is not just about the fee—visibility is like a resume that will get you more projects or clients.
TURN ASSETS INTO PASSIVE INCOME
Rent out a second house.
Take advantage of the popularity of Airbnb, which can make the process of renting out your home more convenient and safe—renters are reviewed by hosts. You can also use the website to research rates according to the size and features of your property.
Convert an empty property into a parking lot.
While you wait for your property to earn more value over time, use it to earn passive income. Parking lots are in high demand around office areas and restaurants.
Turn a second car into a ride service.
Hire a driver who can man your car as an Uber or Grab ride. A daily 12-hour shift can earn you around P15,000 to P20,000 a month while you are at your office desk.
Invest in mutual funds.
If you are not averse to risk, check out mutual funds. A fund manager (in the form of an insurance company, for example) will invest your money in stocks. At Sunlife Philippines, for example, the minimum investment starts at around P5,000.
Invest in valuable items.
One of the advantages of buying designer pieces is the resale value. Luxury watches, designer bags such as Chanel and Hermès, and iconic furniture pieces tend to be more desirable when they are considered rare or vintage.
This story originally appeared on TownandCountry.ph.
*Minor edits have been made by the SPOT.ph editors.