If you are thinking about diversifying your income then you are definitely on the right track! It is fast becoming the new normal to have multiple income streams in order to guard against risk. This is becoming more apparent in this current crisis.
Considering the need for financial security, having an extra income of R1,500 each month could go a long way towards paying off debt or building up investments. Diversification of investments is common when looking at where to store your money but diversifying our sources of income is just as important, especially in difficult economic times.
You have probably heard of the term “side hustle” and rightfully so. Over the last 4 years, there has been a constant rise of google searches related to starting a “side hustle” with searchers looking to access more income than just their salary.
It makes sense - more than one stream of income adds a layer of protection in case one stream is under threat. Think about it – if your entire earnings are from an employee position, then you’re putting yourself at risk because the power potentially rests in someone else’s hands. If your company decides to unexpectedly let you go, then you’re left with no salary until you find another job.
Now you might be thinking, “Oh that’s easy, I could go and get a second job at Seattle Coffee.” Hey, maybe you could. Maybe you can make an incredible Americano and your Latte art is on point. However, when evaluating your sources of income we would recommend taking another look at the side hustle path.
Take these factors into consideration:
Side Hustles can be FLEXIBLE: This allows you to call the shots when it comes to your schedule, especially if you have a full-time job. The last thing you want is to be overloaded and tied down to working a set number of hours at a ‘second job’.
Side Hustles can be SCALABLE: Look for a side hustle that at least has the possibility of generating substantial amounts of cash. Think online classes or highly desirable skills or commodities.
Side Hustles can be ENJOYABLE: This is the most important factor. Starting a side business is a lot of work, so it is important to enjoy what you’re doing as a result of positive outcomes.
Having a side hustle is more important than it has ever been. The workplace is changing rapidly due to technology, globalization, and other potential other forces outside of our control. When you have money coming in from multiple sources, the more protected you are during a downturn, job loss, personal health crisis or anything else that has the potential to throw your income for a loop.
Now we get to some ideas on how to generate extra income. You want to choose something that fits your interests and personality. While this is not a one size fits all, here are a few extra income ideas to consider:
For us at LocumBase we provide a space where medical professionals in South Africa can instantly turn on their “side hustle” in the medical space. It is a great way to earn an extra income and the power is in your hands as the medical professional. No extra training, no extra cash, just your skills. Generating income (along with minimizing expenses) is the foundation of smarter money management. While earning extra cash does take the work, its payoff can be huge!
Check us out www.locumbase.com and sign up today if you are running a Medical Practice in need of Locums or a Medical Professional looking to do locum work in your spare time.
