Covid-19 Shows Us The Importance Of Having Multiple Income Streams

A few weeks ago most parts of the United States (US) started to shut down because of the Covid-19 virus. Millions of people went from one income to no income with no real hint that it was coming.

This is a perfect example why everyone should have more than one income stream. You never know when you could be fired, laid off, injured, etc. The worst thing in the world is having your income fall to $0 when you have bills to pay, food to buy and family members to take care of.

Sure many people in the US will get money from the government and many can file for unemployment, but that won’t be enough to keep people afloat long term.

I don’t know how long this government shutdown will last, but I hope it is a learning experience for people across the US and in other countries how important it is to spend their time wisely. How people spend their time plays a huge part in the level of success they reach.

Eliminating Bad Habits

This lockdown should consist of eliminating bad habits like playing video games, watching television and social media and replacing them with habits that can turn into money in the long term.

Learn New Skills

Learning a new skill is one thing that can turn into an additional income. Learning video editing, drawing, beat making and photoshop are just a few of the skills that can turn into extra money after a few months dedicated practice.

The best thing about these skills is that they can eventually make you more money then a simple 9 to 5 job that pays $15 an hour. Basically, you have the opportunity to turn a side hustle into a life changing venture if you are good at it and can properly promote yourself to the right people. It won’t be easy, but it is realistic.

The best place to learn anything you want to learn is via the courses on Udemy. You can always find Udemy coupons that allow you to get courses for $10 to $25.

If you don’t want to spend any money right now you can learn a lot from YouTube videos. Things won’t be as structured using YouTube, but that doesn’t mean you can’t learn a lot.

Try to dedicate a set amount of time each day to learning a skill.

Become A YouTuber

YouTube is competitive and it takes a ton of traffic to make money with a YouTube channel but guess what, all you need is your cameraphone to get started making videos. You don’t need a $1000 camera, lighting, a teleprompter, or any other fancy stuff.

Depending on how many interests you have and how comfortable you are in front of a camera you could record and upload multiple videos a day. One day your channel(s) could grow to be a great additional income or it could become a primary income that allows you to quit your day job.

Also note that YouTube is a great place to build a following and launch your own products and services. Even if you are not making a ton of money from YouTube partner ads, you could still make money from affiliate links, courses or selling t-shirts which would be even more income streams.

Become A Blogger

To setup a blog all you need is a domain and hosting. Once the blog is setup start writing. As with YouTube blogging is competitive. It will take a while for your blog to develop and get high levels of traffic needed to make money.

It is important to write about things you actually care about. Don’t write about sports or dogs just because you think they will allow you to make easy money. That is a recipe for failure. You are more likely to quit blogging when you are writing about things you have no interest in and on top of it you aren’t making money.

Read or listen to audiobooks

You were living paycheck to paycheck and now you have no money coming in. To put it bluntly you were unsuccessful. If you want to be more successful in the future you need to study successful people. You can learn more about their mindsets and what it took for them to get to the highest levels in life.

Guys life Steve Jobs, Mike Tyson, Elon Musk, Richard Branson and dozens of other businessmen, athletes, musicians, actors and actresses have great memoirs that you can learn from.

You should also spend time reading finance books. Learn more about assets, liabilities and budgeting. This is great information to absorb so when your income increases, you will have a plan to invest it rather than going out and buying things that will put you in debt.

Conclusion

This coronavirus pandemic has been and will continue to be a nightmare, but that is no excuse to sit on they couch eating Doritos all day.

This is the perfect time to add skills, change your mindset and your outlook on personal finance so that you can create multiple income streams and never have to worry about money again.

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About the Author: Andre

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