7 Ways to Earn Extra Income

An Income stream as the amount of money that keeps coming in or produced from an investment, or by selling products or services. Or a flow of money that comes from business, investment, or employment. 

Today, let's talk about the 7 most common income streams that can help you generate extra cash flow. 

Yes, you can earn more by juggling 2 or 3 jobs. But, you won’t be living life by working non-stop. If you continue to push without managing it right, you’ll tire yourself. Furthermore, it’s not smart or healthy, and you will lose valuable time– for yourself, your family, and for leisure and fun.

To sum it up working more than one job is already tiring and time-consuming. You’re not actually thinking smart or diversifying your income. Adding more of this isn’t efficient. As a popular proverb goes, “Do not put all your eggs in one basket.” 

In order to earn extra, you need to have multiple income streams. If done right it will work out to your advantage. But before we discuss the 7 common income streams, let’s first talk about the 2 types of Income streams: Active and Passive. 

2 Types of Income Streams

1. Active Income. Defined by Investopedia.com as an income stream where you are earning from performing a task related to your job or career. It mostly takes up your time as your involvement is an integral part of it.
2. Passive Income. According to corporatefinanceinstitute.com it is any money earned in a manner that does not require too much effort. Basically, it is when you are earning even if you are not working full time for it. A type of extra income that you earn while pursuing your primary job, and does not require your direct involvement. Check out my Passive Income Source here!

Here's the seven ways to earn extra through multiple income streams.

1. Earned Income

This is your main source of income or your primary job. Where you trade your time and skills for money. This is where the majority of us started. However, many did not go past earned income. 

Solely depending on earned income is constricting as it is mostly enough to survive. Everything, of course, has an exception as there are jobs that actually pay exceptionally well. 

Under the category of earned income are the following: Salaries, Bonuses, Commissions, and Tips.

2. Profit Income

This type of income is also called Business Income. In profit, income-you either provide service or make and sell a product more than they actually cost to earn a profit. 

For instance, opening a retail store and selling products, offering professional services, and charging for your time. 

3. Dividend Income

Another source of income that comes from investing in stocks and owning a share in a company is dividend income. 

It’s often a long-term investment to companies that offer higher dividends and stock sharing. 

So, how does it work? 

A dividend is an amount of money paid to you annually. How much you will receive will be based on the number of stocks you own in a company and the dividend rate the company is giving. The more stocks you own, the more dividends you will receive. 

You can Save in MP2 Savings Program. Pag-IBIG Fund sets aside at least seventy percent (70%) of its annual net income and credits it proportionately to its members’ Pag-IBIG Savings as dividends. This means that the more one has saved, the higher dividends that member shall earn.

Pag-IBIG Fund invests at least 70% of its investible funds in housing finance, as required by its Charter. It also invests in government securities and corporate bonds.

The Pag-IBIG MP2 Savings, being a voluntary program, earns a higher dividend rate than the mandatory Pag-IBIG Regular Savings.

HERE ARE THE MP2 SAVINGS DIVIDEND RATES OVER THE PAST 11 YEARS.

Year and MP2 Savings Dividend Rate:

2021 = 6.00%

2020 = 6.12%

2019 = 7.23%

2018 = 7.41%

2017 = 8.11%

2016 = 7.43%

2015 = 5.34%

2014 = 4.69%

2013 = 4.58%

2012 = 4.67%

2011 = 4.63%

4. Rental Income

Rental income is a source of income that comes from owning property or something that you rent out. 

If you buy a house, condominium unit, or a commercial building and lease them out, the money you earn from them is called rental income. Of course, such acquisition requires a substantial initial investment but is still a great source of additional income. 

5. Capital Gain Income

This is the money you earn when you sell a capital asset. It can be in a form of stocks, a piece of art, or real estate property such as a parcel of Land. 

One example I can site for capital gain income is memorial lots. This type of real estate investment is easy and hassle-free with Low Capital Requirement, Low Risk, and High Return. 

Moreover, it is affordable and offers a lucrative return. This type of investment has become recently popular among young professionals, millennials, and even Filipino Expat who are starting up in investing and multiplying their income. 

6. Interest Income

This income comes from lending out your money at an Interest. This could mean a CD, P2P lending, real estate crowdfunding, funding fix-and-flip debt deals, or simply money in a savings account. 

An example of this is Time Deposit Savings where you deposit a certain amount of money, keep it in the bank, and withdraw it after a certain period at a higher interest rate than your standard savings account. 

You can open a Digital Bank Account like DISKARTECH to earn higher interest. 

Ang DiskarTech ay ang first and only Taglish financial super app! Madali nang maabot ang #BuhayGinhawa.

All-in-one na online banking services ang hatid ng DiskarTech. Sa iisang mobile app hindi na lang pwede magbayad ng bills, magpadala ng pera, at magpa-load. Pwede na ding magbukas ng savings account, mag-loan at mag-apply ng insurance!

Ito ang tamang diskarte.

I-download mo lang ang App sa: https://diskartech.ph/ at i-verify mo lang ang account mo gamit ang code ko na'to: ABSX8247.

Kailangang dumiskarte?

Kaya ng super app natin ‘yan!

• SAVINGS - Ipon Goals? Create your savings account gamit ang isang VALID ID.
• WITHDRAW/DEPOSIT - Di'na kailangan sa branch, real-time pa ang transaction.
• E-LOAD - Load-an na ang sarili. May ePINS ding available.
• BILLS PAYMENT - 'Wag magpahuli sa due date, pweding bayaran 'yan dito.
• FUND TRANSFER - Safe na ipadala ang pera kahit saan pa 'yan.
• QR SCAN - Yung square na barcode? May Scanner para dyan.
• GOVERNMENT PAYMENT - Magbayad bago pumunta para iwas-pila na.
• TELEMEDICINE - Checkup, gamot at iba pa deretso na sa bahay mo.
• INCOME GENERATION - Mag-refere ng users at kumita up to 30K sa verified account.
• DISKARTECH LITE - Qualified sa ayuda? Pwede kaming payout partner.
• INSURANCE - For as low as P20 insured kana.

7. Royalty Income

Finally, we have royalty income or licensing. It’s where you create a product, idea, or process, let someone use it and in return, you make a small fee. 

An example is Burger Joints or Fast Food Companies that franchise their store. They, as the franchisor, earn royalty income from their franchise. 

I hope this article has been helpful to you. You may have also realized that we are giving focus on our earned income and have not explored other income streams that can also help you earn extra and build your net worth. 

I suggest you spend time and learn more on how you can earn capital gains by investing in Home-Based Business, as I have found this Passive Income stream beneficial to me not just in the present but in the years to come. 

How Can We Save In Recession?

How Can We Save In Recession?

Here are seven tips to protect yourself whether a recession is coming or not.

1. Don't be afraid of a bear market.
2. Don't try to time the market.
3. Get rid of your credit card debt.
4. Stockpile savings.
5. Establish a backup to your emergency fund
6. Don't underestimate the power of having bonds in your retirement portfolio.
7. Get a side gig.

The real success story begins with a hardship in life. starting from there, the journey is full of passion, focus and consistency to continue to change lives from ordinary to extraordinary. What is the story behind his success? Spend your time with CD Wenefredo & Rosita Baay (Philippines) in the slot 'Ordinary to Extraordinary Life'. Stay tuned.

8 Money Saving Tips During a Recession

Recession again? Just when we all thought we were coming out on the brighter end of the tunnel, it seems like we’re off to singing another Annie Lenox song... wait for it -here comes the rain again! But don’t you fret because recessions don’t have to hit so hard if you can prepare and manage your lifestyle and expenses for it, kabayan!

 

Since 2020, the Philippines has been in a drawn-out recession, aggravated by the economic impact of the pandemic and other global events. Prices for goods and commodities have been rising, prompting some politicians to advise Filipinos to tighten their belts in the coming months. With geopolitics and other global events impacting the global economy, we’re set to meet another recession. This again begs the relevant question of ‘How to save money in a recession?’. What are the best ways we can avoid these high costs while maintaining our savings and livelihood?

Part of 'adulting' is dealing with situations over which we have no control and making the best of what life throws at us. And as hoomans, we are completely capable of finding both old and new alternatives to keep life moving and avoid letting the costs of living get the best of us. Remember that previous generations (the boomers and Gen X'ers) have already been through terrible recessions and found ways to manage their expenses. Worry not, young Padawans, because you can do it as well. 

To help, here are some money-saving tips during a recession, hun.

1. Think Before You Act

This may sound weird for a first tip, but it really is you putting your thinking brain ahead of your heart. We frequently let our fear get the best of us, leading to irrational decisions. Irrationality may lead you to make decisions that have a significant impact on your finances. So, rather than panicking, it is better to just observe things first. Remember that recessions do not last indefinitely. Feel your emotions, but don't let them overwhelm you.

2. Create A Financial Plan

Now that we've calmed you down after you panicked due to the high costs and inflation, it's time to start thinking about a financial plan. Getting out of this recession means devising a strategy to maintain control over your own life, and having a financial plan can help you get ahead. Begin by listing your budget, savings and investment plans, and financial goals. Financial planning can assist you in determining your monthly expenses. This is one money-saving tip that will undoubtedly come in handy during a recession.

3. Start Getting Rid Of Your Credit Card Debt

Credit card debt can spell danger so make sure that you’re able to pay off your balances as soon as possible. Interest rates can increase quickly during recessions. Consider looking at alternatives like low-interest personal loans or balance-transfer credit cards if you want to spread out your payments. Try switching to credit cards that offer 0% APR if you have high-interest debt to transfer. To inquire about interest rate reductions, you might also try calling your current credit provider.

4. Save While You Can

Save as much of your extra cash as you can now because a recession could swiftly deplete it. Save, save, save since economic downturns can significantly alter everyone's situation. An alternative is to think of expenses as a shared obligation. Get a roommate who will help you divide the costs of living or who will assist you split other expenses. Inflation is real, my friend. So “KKB” and “hati tayo” can really help during this time. Even better, why not save together? Learn more in tip number 8.

5. With Saving Comes Living Frugally

One of the few ways to achieve, maintain, and taste financial stability is to live your life frugally. It’s a tip that is tried and tested over the years. Start tracking your own expenses and then cut spending. Commit to days or months where you only eat at home and cancel subscriptions that you no longer use. Also, stop getting ‘budol’-ed by online shopping. Delay your purchases and retail therapy dreams for a while. We know it’s tempting every time the double digit sale comes out but be conscious of your savings and get what you really need.

6. Get A Side Hustle

There is a risk for unemployment rise during a recession so having multiple streams of income can help if you lose your job. A side hustle can help maintain your finances and save up for money too. Nowadays, you can find a lot of online jobs and many employers are begging for new workers too. If you think this is the best time to apply for a part-time job at Adonis, might as well! We’re kidding but there are plentiful ways to earn that extra cash so grab what you can and continue building up your savings. 

You can also start doing Home-Based Business.

Find a product you consume every day and talk about it to others, as before, when no financial interest linked you? It's that simple! Nothing more!

I have two good news:

You do not need to search no longer, you have found this product: the ganoderma coffee!

You Can do it too!

• Do you hate pedlary?
• Do you feel you can not sell anything?
• You can not stand the mass crowd events, where everyone is clapping?
• Are you fed with the pushing sales technics?
• You do not want to invite your relatives and friends to product previews by using different tricks, and after it they would be angry?
• Would you like to be financially independent and therefore are you willing to work hard, but comfortable from home?
• You have no money to launch a company or you want to escape the rat race of your own company?

If your answers were mainly yes to the questions above, online network building was invented for YOU!

Why Online Networking?

Because there is no nicer thing, when your professional website (i do not mean the thousands of amateur product preview sites) is working instead of you 24 hours a day!

If you have decided to go deeper into the mysteries of online networking and to start the building of your financial independence there is a vast of information on the internet. Professional and self-styled gurus offer their selves and solutions to your life.

I have got a bad news, but this should be clarified in the beginning: it will not run without work! In spite of the professional marketing and other materials, for your success the most important is YOU! If you have preservance left, read on!

There is no study available for download on this page and I do not want to sell anything to you. I want to attract your attention to an Opportunity. My success is guaranteed without you, but for yours, you need yourself!

7. Have An Emergency Fund

A lot of people say that you should save for at least six to a one-year worth of savings for an emergency fund, in case anything happens. But do you know where to put your emergency fund? We recommend that you put up your emergency fund into a high-yield savings account because they offer higher interest rates and are more convenient when you need to access your money at any time. You can easily open a high-yield savings account online through traditional or digital banks.

8. Save With Your Family and Friends with a Group Stashing

A Group Stash is one method of saving money during a recession. A Group Stash, also known as 'paluwagan' in Filipino, is a non-interest saving and borrowing method. It's a method of pooling savings funds among close friends or, better yet, family. Now that we are in a recession, it is important to encourage members of the household to have this extra source of funds in times of need. Group stashing (yes it can also be a verb, hun!), also allows you to develop the habit of disciplined saving and keeps you from individually depleting your finances. If you want to survive the current recession, you should start saving with your OGs!

Tonik is one of the best places to open a high-yield savings account today. When you open a solo or group account with Tonik Digital Bank, you can earn up to 6% in interest. When you open an account with them, no initial deposit is required. The balance between maintaining and earning interest is zero. One of the products they provide is Group Stash, which is a safe way to save money with family and friends. With their Group Stash, you can invite a minimum of three people to save money with you. Members must contribute at least one peso for the Group Stash to earn 4.5 percent interest per year. If you need to withdraw, you'll need to ask your Group Stash owner, so choose someone trustworthy and responsible to ensure your savings are safe. What can you do with the Group Stash? It can be used to save money for emergency funds, bills, travel goals, tuition fees, or a new car. Furthermore, with their enhanced security features, you can prevent fraud when doing online transactions. It's quick, dependable, and will take your relationship with banking to a whole new level.

These are money saving tips during a recession. Make sure to take these hacks to heart and remember, no cheating on your financial goals, luv. Saving is a long-term plan and you need all the motivation that you can get.

Share these tips to your friends and family & to people we care about, so they know how to survive a recession with you! Happy saving!

Daddy, May I Please Borrow 75 Pesos?

A man came home from work late, tired and irritated, to find his 7-year old son waiting for him at the door.  

SON: 'Daddy, may I ask you a question?'  

DAD: 'Yeah sure, what is it?' replied the man.  

SON: 'Daddy, how much do you make an hour?'  

DAD: 'That's none of your business. Why do you ask such a thing?' the  man said angrily.  

SON: 'I just want to know. Please tell me, how much do you make an  hour?'  

DAD: 'If you must know, I make 150 pesos an hour.'  

SON: 'Oh,' the little boy replied, with his head down.  

SON: 'Daddy, may I please borrow 75 pesos?'  

The father was furious, 'If the only reason you asked that is so you can  borrow some money to buy a silly toy or some other nonsense, then you  march yourself straight to your room and go to bed. Think about why you  are being so selfish. I don't work hard everyday for such childish  frivolity's.'  

The little boy quietly went to his room and shut the door.  

The man sat down and started to get even angrier about the little boy's  questions. How dare he ask such questions only to get some money? After about an hour or so, the man had calmed down , and started to  think: Maybe there was something he really needed to buy with that 75 pesos and he really didn't ask for money very often.

The man went to the door of  the little boy's room and opened the door. 'Are you asleep, son?' He asked.  'No daddy, I'm awake,' replied the boy. 'I've been thinking, maybe I was too hard on you earlier' said the man. 'It's been a long day and I took out my aggravation on you. Here's the 75 pesos you asked for.' The little boy sat straight up, smiling. 'Oh, thank you daddy!' he  yelled.

Then, reaching under his pillow he pulled out some crumpled up bills. The man saw that the boy already had money, started to get angry again.  The little boy slowly counted out his money, and then looked up at his  father.  'Why do you want more money if you already have some?' the father  grumbled. 'Because I didn't have enough, but now I do,' the little boy replied.

'Daddy, I have 150 pesos now. Can I buy an hour of your time? Please come home  early tomorrow. I would like to have dinner with you.'

The father was crushed. He put his arms around his little son, and he begged for his forgiveness.  

It's just a short reminder to all of us working so hard in life. We should not let time slip through our fingers without having spent some  time with those who really matter to us, those close to our hearts.

Do remember to share that 150 pesos worth of your time with someone you love. If we die tomorrow, the company that we are working for could easily replace us in a matter of hours... 

But the family & friends we leave behind will feel the loss for the rest of their lives.