Financial experts now agree that everyone should have multiple incomes. That’s true regardless of how much your primary income brings in each month. You need to have a couple extra cushions of cash to fall back on. This means that you can navigate unexpected bills. Or, save up funds for future challenges that you can face. It even provides you with the chance to pour money into investments for your kids. It’s never too early to start saving for college. Or, you might want to put some money together to help them buy a home.
Of course, setting up multiple incomes is easier said than done. Particularly, when you have to navigate the world of a busy parent. So, let’s explore some of the key steps you can take here. Along the way, we’ll look at the jobs and income options that could be right for you.
First, you need to make sure that you are setting goals. Setting the right goals will ensure that you know what you are working towards. It will also guarantee that you know how much you need to earn overall. You can even use this to build towards financial independence in the long term.
Work From Home
If you want to make sure you can earn while still being around for your kids, work from home. Working from home will ensure that you are always there when you need them. You can do this by exploring freelancing options. Freelancing is becoming more popular for virtually every industry and sector. It provides business owners with the opportunity to explore a model that is more flexible. At the same time, it gives you freedom as a worker to operate on the schedule you want that meets individual requirements.
Regardless of what sector you work in as a freelancer, self-promotion will be key. This is how you will gain clients and find the right level of support. You should make sure that you get active on social media. You might also want to explore options such as LinkedIn and Fiverr. Platforms like this will make it easier to connect with business owners who want your services.
If you are working from home, you need the right set up. Make sure that you take the time to set up a workstation. That way you can avoid issues with RSI that can kill your productivity. RSI is becoming more common for workers who operate from home and from the office. You need to take this seriously. It can stop you from gaining the income you want or that you need for your family.
Manage Your Schedule
Managing your schedule as a parent can be tricky. However, there are steps that you can take here. For instance, you can get into routines or patterns. This is great if you are working from home. It means that the typical work day won’t drag on and take up all your time.
Even if you work for yourself, aim to complete a nine to five day. This isn’t just better for your schedule, it’s the healthier choice too. Keeping to a routine will help you develop habits. Eventually, habits become second nature. You don’t need to think about them at all. This means that it won’t be a chore getting up at the right time to start work.
There are other ways that you can manage your schedule effectively too. For instance, you can use the right tech available. There are tracking apps that are accessible for free. With tracking apps, you can find out how much time you are spending on different tasks throughout the day. This will allow you to improve in key areas where necessary.
Depending on the incomes that you set up, you may also want to explore different automated solutions. This is going to provide a more hands-off approach. For instance, if you are blogging, then you could use automated software to ensure that new posts are published at regular intervals.
To effectively manage different incomes, you need to keep productive. There are a few steps that you can take to enhance levels of productivity. We’ve already touched on a couple in terms of both automation and the right schedule.
However, you should also think about your energy levels. You’re going to need the right amount of energy to get through a day with different incomes. You can boost your energy by getting the right amount of sleep each night. Try to get on a healthy sleep schedule to ensure you can focus on different tasks throughout the day. You might also want to consider aspects of your diet. To ensure that you have enough energy, you need to give your body the fuel it needs.
The right mindset is also going to be critical when achieving high levels of productivity. A positive mindset will make it easier to manage individual incomes. To achieve the right mindset, we recommend that you explore options like meditation. To meditate, you need to learn how to clear your mind. Once you do this, you will find it’s far easier to addres any challenges you might be facing.
We’re going to explore both active and passive incomes that could work for you in the long term. Let’s start with the active.
As mentioned, you could try blogging. Blogging won’t provide an income immediately. But if you keep at it, then it can deliver a solid ROI. For this to happen, you need to learn to monetise your blog. This requires knowledge of both SEO as well as other marketing tactics.
Another active investment worth exploring would be teaching. There’s always demand for teachers and tutors. Here, you can provide the extra support individuals need to get the right grades. If you want to become an online English tutor, you’ll find that there are various courses online worth exploring. You can tutor in any subject where you have knowledge or experience. However, do be aware most parents will want some evidence of your expertise. You will also be able to build up this income with positive word of mouth. It’s essential that you make a terrific first impression.
Alternatively, you might want to set up your own company. Setting up your own business takes a lot of work and effort. However, it can be worth it in the long term. You just need to find the right business idea.
It’s easy to assume that you need qualifications or experience to start a business. This isn’t the case, but you do need to approach it the right way with the best mindset. This isn’t something you can bring to life without a lot of thought, time and dedication. You won’t be able to put it on the backburner if you want the right results.
You might also want to consider investments. There are many different investments that could work for you. However, it’s a smart choice to invest in something that you know. For instance, you might be interested in the film industry. If that’s the case, then you could invest in stock for different producers or studios.
You might think that you can’t invest if you don’t have money saved. This isn’t the case. There are options like penny stocks. It’s perfect for those with limited savings. With a penny stock, you’ll be investing in a business that could take the market by storm. But there are no guarantees.
Another passive income could be property. Similar to other options discussed, you don’t need to be an expert to earn money from property. You can buy and flip or buy and rent homes out. This will either provide you an extra cash injection each month. Or, a large lump sum that you can use how you want. How passive this venture will be depends on the help you receive. More help will allow you to be more handsoff overall when exploring a venture like this.
To invest, you will need a great credit rating. You should spend some time improving this if it has taken a hit over the last few years.
Use Your Assets
Next, you should think about using your assets to earn more money. Everyone has assets that are going to benefit them. If you own your home, you consider renting out an area of it. Renting out a part of your home is a great alternative if you can’t afford to purchase a second property. Some people also rent out their cars. However, the jury is out on how much this will benefit you.
You can also consider selling items that you don’t use but are clogging up your attic and basement.
We hope this helps you understand how to juggle multiple incomes as a busy parent. Take the right steps here and you’ll be in a stronger position with your finances. You’ll be able to afford more for you, your kids and the rest of the family. At the same time, you can also start preparing for the future, today.