Posted By D. Scott on July 10, 2014
By Devin S. Standard- Frugal Lifestyle Coach
In today’s environment, surprise medical expenses, a company bankruptcy, catastrophic engine failure or other unforeseen personal disasters may occur at any time. Another looming challenge is tuition. My son’s college cost $58,000/year and frankly, I was not properly prepared to deal with that kind of financial shock. Learn from my pain as well as the pain of all those recently foreclosed upon; prepare! One key prep that can help mitigate; but not necessarily eliminate, the pain, is MONEY. As such we recommend that in addition to a 6 month emergency supply of liquid funds(your monthly budget x 6), that you and your family develop multiple streams of income instead of counting upon one, or two sources of income. Maybe you need the multiple streams of income just to establish your 6 month emergency fund. No matter, read on.
A good way to start is to assess your skills and catalog your hobbies. You must love something and be expert, or near expert at something. Well, guess what, you can capitalize on that passion.
- Public Speaking
- Raising pets/animal husbandry
- Child raising
- Foreign Languages
So, once you’ve identified your skill and, or passion, how do you capitalize on it? Well, you make yourself an expert and then you teach your skills to others:
- Write an article for a magazine or blog in your field of expertise- Each incremental article/blog post published further cements your “expertise” and leads to more. You may have to do some for free. I usually get around $500/article
- Write a book. (Self publishing is becoming easier with all the web tools available these days.) Then sell the book.
- Write a blog. This costs almost nothing. If you link it with FB, Twitter, Instagram, etc., and manage your social media with a program called Hootesuite.com you will be able to create a virtuous circle of content flowing about “your wisdom” in the blogsphere.
- Volunteer to give speeches at associations, clubs, groups, etc. and advertise “coaching or lessons” you will be surprised at how much business you drum up that way.
- Become a “certified” instructor and give classes. If you are good in a field that you love, figure out how to become credentialed. You may have to volunteer some time in the beginning; but as you grow and become well known, you will make $$.
- Make Videos and post them on Youtube. These will give you more content for all of your social media tools. The more, and the fresher the content, the higher your search rankings will go.
- Sell, Sell, Sell- the produce from your garden, your old un-needed items, the extra eggs from your chickens, whatever you have. Ebay, Amazon and Craigslist make all the world a virtual garage sale 24/7/365
That’s it. The more prepared you are, and the better diversified your sources of revenue, the more personal LIBERTY you and your family will enjoy.
Now go out there and make some extra cash!