Stay on Top of Finances with A Diversified Income  

The ongoing coronavirus pandemic has definitely added a lot of stress to our everyday lives – uncertainty around job futures and fears that future income may be at risk due to unforeseen changes has become a very real possibility. There are a lot of opportunities to diversify your income during this period however, although some may turn to riskier ventures such as investing in the stock market and hoping to hit it big, or relying on the growing gambling and betting options where many here aren’t registered to initiatives such as Gamstop – but these have just as much risk of losing as well as winning, and there are plenty of other safe opportunities too.

The first, and something that many have come to rely on, is within freelancing. Particularly if you work within the digital landscape, a lot of services have went up in demand as many businesses start the process of either recovery or establishing themselves as a new name – if you have the extra free time and the knowledge, you can freelance offer your services out there and work to your own schedule to make a little extra on the side – grow large enough and it can become your main form of income too. This is a long process however, and there’s a lot of competition out there, especially during times like these – expect a slow burn, but if you have some free time to use this can certainly net a little extra and diversify your regular job income too.

(Image from probonoaustralia.com.au)

On a similar note, there are many different online services that make you a pseudo-freelancer – sites like Etsy are perfect for the arts and crafty people out there who have a hobby in making things and has been a perfect second source of income for a large number of people throughout the pandemic – selling things like masks has been very profitable. If you’re on the creative side of both physical or digital, a site like Fiverr may work out for you too – you simply offer whatever service you feel you’re most qualified to sell, set the price you feel your work is worth, and deliver the product within a set timeframe – given you’re able to limit the amount of customers you can receive on this platform, it makes it much easier to schedule around your regular work life too.

It has never been more important to have a diversified income plan to avoid any unnecessary risks in the future, and all of the tools are there to support you doing so, all it takes is a little motivation to start things moving. There are no shortcuts though, it will certainly be a long of extra work, but when doing so you know you’re securing your own future with a little safety net, and building the links so that if you do continue to grow you’re able to have a base to go out on your own whenever you feel comfortable and safe to do so.