3 Income Streams You Can Start Building TODAY

Happy New Year, TheWiseLiving.com readers!

If you got fired from work today, how would you react? 

A) Cry. Hate the world and rant on Facebook. 

B) Cry. Panic. Have a mental breakdown and withdraw all of your money so you can spend it all tonight. You'll just worry about finding another job tomorrow. 

C) Cry (because it's still a loss!) Afterwards, you'll just have a cup of tea and think reflectively about your life. Sure, it's one income stream down, but it doesn't matter that much. You have other income streams available so you can still get by with your life - you'll just use this time to relax, and look for another job next week. 

Photo credit: gmanews.tv
Most Pinoy millenials I've talked to answered A or B. 

Only a small percentage answered C. 

The more income streams you have, the less your worry may be when you lose your job.

Wouldn't it be nice if you can answer C, too? 

Two Types of Income

Before we get into the income streams you can start today as a yuppie, let's talk about the two major types of income. 

1. Service Income

You get paid when you give a service in the form of:

Photo credit: pas-wordpress-media.

- salary as an employee;

- profit as a businessman;

- payment from your clients when you give a professional service like consultancy, content writing, virtual assisting, graphic designing, among others 

- fare that your passengers give you when you drive in Grab or Uber

- payment from your dental, legal or medical office 

If you need to personally provide the service, then it's service (or active) income.

2. Self-sustaining Income

I call this the "Sacrifice-Now-And-Sow-Later" income. 

First, you work. 

You work a lot - you may even need to shell out money in the first stages of this work.

After you work, you get paid. 

And then, you get paid again. 

This type of income is amazing because it allows you to create a self-sustaining product that can give you income over and over again. 

Photo credit: creatingapassiveincome

3 Income Streams You Can Start Building Today 

1. Start a part-time work online (Service income) 

Talking about online work, I started as a content writer looking for jobs at Upwork.com (formerly oDesk). There, I learned how to hone my writing skills and develop website content for international brands worldwide. 

You get paid in dollars, but you can have your money deposited to your bank account here in the Philippines!

Don't want to write? You can be a virtual assistant instead. 

2. Rent an item out (Self-sustaining income)

Most articles would tell you to rent a property out - but you can't do that agad-agad, right? 

Not all of us have the available funds to just buy a property right off the bat. 

So why don't you start searching for rentable items that you can buy and rent out over and over again? 

Some suggestions are: 

- Karaoke Machine 
Buy this machine for P17,000 and rent it out for P700-P1,000 per use. 

- Your garage
Have free space but don't have any car? Talk to your neighbors who have no parking spots if they would consider renting out your space for a minimal cost. You help lessen "double parking" and earn some cash at the same time. 

If you lose your JOB, will you be Juggling Our Bills?

3. Invest in businesses (Self-sustaining income)

You can open a traditional business using the traditional way:
- you put a lot of your money towards setting it up, and,
- you carry all the risk.

Or, you can still invest in traditional businesses by using the innovative way:

Be a member of PhilCrowd, the 1st business & investment crowdfunding cooperative in the Philippines.

In PhilCrowd, you can invest in several businesses (so you're diversified) and you don't need a lot of capital (so you don't carry all the risk!)

What businesses can you invest in? They have a list here.

As a partner-investor of PhilCrowd, I can personally vouch for the kind-hearted, talented and passionate people behind it. :)


New Year, new income opportunities, yes?