The coronavirus is causing schools throughout Asia to shutdown. And many English teachers are finding themselves rapped. They’re alone in a foreign country, penniless, and with no obvious source way to make more money. Don’t let this be you. Today’s article explains why you always need two incomes, and shows you how to develop multiple streams of cash flow.
One Stream Of Income Leaves You Vulnerable
If you only have one source of income, especially if it’s through a job, you’re dead. Getting fired or one screw-up can seriously ruin you. And that’s especially true when you’re living abroad or traveling in a foreign country.
Most of those English teachers who decided to teach in Vietnam, Japan, and China don’t have a whole lot of money saved up in case of emergency. Whatever cash they have is getting burned up quickly. And, in some cases, wasn’t even enough to cover an emergency plane ticket home. Lord only knows what will happen if they get sick or have to go to the hospital.
With two incomes you don’t have this issue. You can lose a source of revenue (like your job) and still collect some money each month. Even a few hundred bucks a month is enough to keep you stable during bad times.
Because of this, you need to build that second money stream as fast as possible.
Better to collect checks now than to scramble when things get tough. And because of this, I want to lay out a few simple side-businesses you can start working on today.
How To Develop Two Incomes
The first, and easiest, way to create two incomes is through simple freelancing. If you have a job, take those skills and build up a small list of private clients who can use them. Let’s pretend you’re an accountant, for example, you’ll want to call up smaller businesses and pitch them a deal where they personally hire you for their bookkeeping and tax preparation.
You can do the same thing for almost any skill too, be it computer programming or writing. There’s an awesome guide called Book Yourself Solid which covers this in detail. So check that out if you’re interested.
Having private clients means you can always scrounge up some work if things go south. This translates to more safety and greater financial security.
Next up is anything related to websites and affiliate marketing.
You set up a website (I recommend using Bluehost), find products you enjoy, review them, and then collect a commission on every sale. Revolutionary Sex, for example, is a fantastic guide to improving your bedroom skills. It’s a product that works, and one I’m happy to promote. It also pays a fixed rate on every sale.
Affiliate marketing is a terrific way to boost your income and collect money passively. You write an article once, and collect money off it (while helping others) for life.
Not a bad gig.
Final Thoughts
Having multiple streams of income is the only way to protect yourself from downturns and unexpected financial hardship. This is true whether you’re in your hometown or a thousand miles across the ocean.
Because of this, I recommend creating your two incomes as fast as possible. And, ideally, building this up to three sources so you’re extra protected.
Freelancing and having clients (here’s another link to Book Yourself Solid in case you missed the first one) gives you something to fall back on. And making passive profits through a website (again, Bluehost is your best option) allows you to collect checks 24/7. This combination helps insure you against financial hardship, and allows you to rest easy, knowing you can always earn more no matter what happens.