by bomb2060 » 29 Jul 2020, 09:47
It is not hard to diversify your sources of income. This is how I get some extra money on the side.
What do you feel when you check your bank account? Happy? Depressed? Regrets?
Most of us spend sleepless nights depressed by our financial inadequacies. Worrying about how we’re going to get our next meal, pay bills, rent, health insurance, etc. No matter how good economic predictions favor us, most of us are just $100 away from poverty! Debts are our savior.
Our inept need to live beyond our means is the genesis of all our problems. Poverty is real! When you cash in your monthly salary, please don’t be careless. We are a recession away from massive job cuts.
Soon you will realize that you are disposable. If you are a successful freelancer, don’t sleep on it. The customers you have will disappear soon.
Therefore, whether you are a 9 – 5 person or a freelancer, there is a way of making sure your future is secure. Here is the secret: diversify your sources of income! Simple? Huh?!
Creating several income sources doesn’t have to be a painful affair; it just requires a strategic approach. It is not handling unpredictable gigs. Instead, it’s about breaking it down into smaller chunks that you can easily digest or process better. It is essential to document all the steps you take to move from one point to another, say pint X to Y. Lessons derived from these detailed steps are the ones that will eventually be used to propel you to success or at least help you map your next move.
For example, let us say you are a content creator for Silicon Valley start-ups. Intensive research, writing, and business acumen are some of the smaller components that you need to keep a kin eye on. Now, think of it like this, you have been able to sell your expertise in the form of consultancy, analysis, and market research on matters regarding technology.
Or maybe you want to develop how-to-write guides or manuals for your client’s employees. Or maybe you can teach people how to make sales in one day. Or maybe you can partner with the firm on matters of sales collateral and website development. Or you can develop a book to teach them how to write content because that’s your area of expertise. There are infinite possibilities.
Here we see that your career path is reliant on two things your knowledge and expertise. Now it’s up to you to determine how much you will sell your head, your creativity, the things you create using your knowledge and experience. You cannot sell your knowledge and experience like goods in a shop; all you need to do is to put a value on it. You must be able to value yourself.
Here come my seven income sourcesCurrently, I have seven (read 7) income sources:
1. Consulting – This is what pays the bulk of my bills! Although I am yet to set a reasonable price for the contribution I give to organizations and businesses. I am a registered engineer; thus, I give engineering advice a premium. Before the Coronavirus pandemic, the jobs in this field were flowing very well, and I could make a decent $50K per month. But now, I can hardly hit $1K.
2. Freelance content creation – also referred to as freelance writing or SEO writing. Here, I write just about anything from product review, academic essays, dissertation, blog posts, forum posts, etc. I sometimes publish content on ezine, article city, and other guest posting sites. This field is also on a downward trend, but some niches are doing well. In the last six months, I have managed to make over $4000 writing on the web. The bulk of this was from writing for Textbroker, a content writing site that collects orders from clients and delivers to its huge database of writers. I was recently promoted to level 5, which earns decent amounts per word, around $2 per 100 words. The trick to writing is just to keep writing, write for free, write for pennies, provided you just write. In the end, you will benefit more. I started writing for forumcoin.com, and it gives me satisfaction since I meet my set words to write per day. I will talk more about ‘How to be a better writer’ some other time. I am also still work in progress.
3.
Selling ebooks - Yes, I have written a few ebooks that are bringing in some passive income. All my ebooks are self-publish at the Amazon Kindle store. When you are a writer, to improve your skills, you should always keep writing. At any one time, you should have two or three writing projects in the queue. That is how I managed to write two books in a year and a half. The eBooks are each about 193 pages. The last time I checked, I had made around $1,103 from the eBooks.
4.
Remotasks – Being an engineer, I could not resist the machine learning tasks offered by Remotasks. I have specialized in LiDar and 3D SemSeg, that many people shy from. When I was starting, I could make only 3 – 5 bucks per task, which sometimes took over 10 – 12 hours to complete. But with practice, I managed to establish some shortcut and standard procedures to handle the tasks quickly. Currently, on a good day, I can make over $190 per week form Remotasks and about $43 on an average week. I must warn you; this is not for the impatient people or the faint-hearted. It is not a get rich quick kind of thing. You have to work dam hard to get some bucks.
5.
Amazon Affiliate sales – I was born and raised from a low-income family; therefore, I know how it feels to stay for hours under the scorching sun to make a sale. Selling online is like the Rolls Royce of marketing to me. I had to teach myself from YouTube, Lynda, an Udemy. Currently, I make about $330 weekly from the many affiliates I have, i.e., Amazon, eBay, Jumia, Alibaba, etc.
6.
Domain & Website Flipping – This one is not a consistent source, but it can work well for you to do a lot of research on it. Back in 2017, I bought a couple of domain names for prospecting. Three years have done the line, and I got a private message at the namepros forum. He wanted to buy the domain name at $4,579, which was the appraised value by GoDaddy. I was stunned, but I made the sale anyway! That was my biggest sale in the domain and website flipping business.
7.
App & Web Tester – I have been tester at Userbrain for a while now. It is a good source of passive income. In my free time and during breaks between my writing, I would do a testing task. I don’t make anything decent here because I have not been keen lately. The last time I checked, I made around $130 this month.
Therefore, whether you want to get some passive income or considering working fulltime on alternative projects, you need to work on at least a skill or two of which you have good knowledge and experience. That way, you will not work a day! You will enjoy what you are doing.
How are you making ends meet? How many income sources do you have? Care to list them?
It is not hard to diversify your sources of income. This is how I get some extra money on the side.
What do you feel when you check your bank account? Happy? Depressed? Regrets?
Most of us spend sleepless nights depressed by our financial inadequacies. Worrying about how we’re going to get our next meal, pay bills, rent, health insurance, etc. No matter how good economic predictions favor us, most of us are just $100 away from poverty! Debts are our savior.
Our inept need to live beyond our means is the genesis of all our problems. Poverty is real! When you cash in your monthly salary, please don’t be careless. We are a recession away from massive job cuts.
Soon you will realize that you are disposable. If you are a successful freelancer, don’t sleep on it. The customers you have will disappear soon.
Therefore, whether you are a 9 – 5 person or a freelancer, there is a way of making sure your future is secure. Here is the secret: diversify your sources of income! Simple? Huh?!
Creating several income sources doesn’t have to be a painful affair; it just requires a strategic approach. It is not handling unpredictable gigs. Instead, it’s about breaking it down into smaller chunks that you can easily digest or process better. It is essential to document all the steps you take to move from one point to another, say pint X to Y. Lessons derived from these detailed steps are the ones that will eventually be used to propel you to success or at least help you map your next move.
For example, let us say you are a content creator for Silicon Valley start-ups. Intensive research, writing, and business acumen are some of the smaller components that you need to keep a kin eye on. Now, think of it like this, you have been able to sell your expertise in the form of consultancy, analysis, and market research on matters regarding technology.
Or maybe you want to develop how-to-write guides or manuals for your client’s employees. Or maybe you can teach people how to make sales in one day. Or maybe you can partner with the firm on matters of sales collateral and website development. Or you can develop a book to teach them how to write content because that’s your area of expertise. There are infinite possibilities.
Here we see that your career path is reliant on two things your knowledge and expertise. Now it’s up to you to determine how much you will sell your head, your creativity, the things you create using your knowledge and experience. You cannot sell your knowledge and experience like goods in a shop; all you need to do is to put a value on it. You must be able to value yourself.
[b][size=150]Here come my seven income sources[/size][/b]
Currently, I have seven (read 7) income sources:
[list=1]1. [b]Consulting [/b]– This is what pays the bulk of my bills! Although I am yet to set a reasonable price for the contribution I give to organizations and businesses. I am a registered engineer; thus, I give engineering advice a premium. Before the Coronavirus pandemic, the jobs in this field were flowing very well, and I could make a decent $50K per month. But now, I can hardly hit $1K. [/list]
[list=2]2. [b]Freelance content creation[/b] – also referred to as freelance writing or SEO writing. Here, I write just about anything from product review, academic essays, dissertation, blog posts, forum posts, etc. I sometimes publish content on ezine, article city, and other guest posting sites. This field is also on a downward trend, but some niches are doing well. In the last six months, I have managed to make over $4000 writing on the web. The bulk of this was from writing for Textbroker, a content writing site that collects orders from clients and delivers to its huge database of writers. I was recently promoted to level 5, which earns decent amounts per word, around $2 per 100 words. The trick to writing is just to keep writing, write for free, write for pennies, provided you just write. In the end, you will benefit more. I started writing for forumcoin.com, and it gives me satisfaction since I meet my set words to write per day. I will talk more about ‘How to be a better writer’ some other time. I am also still work in progress. [/list]
3. [b]Selling ebooks[/b] - Yes, I have written a few ebooks that are bringing in some passive income. All my ebooks are self-publish at the Amazon Kindle store. When you are a writer, to improve your skills, you should always keep writing. At any one time, you should have two or three writing projects in the queue. That is how I managed to write two books in a year and a half. The eBooks are each about 193 pages. The last time I checked, I had made around $1,103 from the eBooks.
4. [b]Remotasks[/b] – Being an engineer, I could not resist the machine learning tasks offered by Remotasks. I have specialized in LiDar and 3D SemSeg, that many people shy from. When I was starting, I could make only 3 – 5 bucks per task, which sometimes took over 10 – 12 hours to complete. But with practice, I managed to establish some shortcut and standard procedures to handle the tasks quickly. Currently, on a good day, I can make over $190 per week form Remotasks and about $43 on an average week. I must warn you; this is not for the impatient people or the faint-hearted. It is not a get rich quick kind of thing. You have to work dam hard to get some bucks.
5. [b]Amazon Affiliate sales[/b] – I was born and raised from a low-income family; therefore, I know how it feels to stay for hours under the scorching sun to make a sale. Selling online is like the Rolls Royce of marketing to me. I had to teach myself from YouTube, Lynda, an Udemy. Currently, I make about $330 weekly from the many affiliates I have, i.e., Amazon, eBay, Jumia, Alibaba, etc.
6. [b]Domain & Website Flipping [/b]– This one is not a consistent source, but it can work well for you to do a lot of research on it. Back in 2017, I bought a couple of domain names for prospecting. Three years have done the line, and I got a private message at the namepros forum. He wanted to buy the domain name at $4,579, which was the appraised value by GoDaddy. I was stunned, but I made the sale anyway! That was my biggest sale in the domain and website flipping business.
7. [b]App & Web Tester[/b] – I have been tester at Userbrain for a while now. It is a good source of passive income. In my free time and during breaks between my writing, I would do a testing task. I don’t make anything decent here because I have not been keen lately. The last time I checked, I made around $130 this month.
Therefore, whether you want to get some passive income or considering working fulltime on alternative projects, you need to work on at least a skill or two of which you have good knowledge and experience. That way, you will not work a day! You will enjoy what you are doing.
How are you making ends meet? How many income sources do you have? Care to list them?
