Updated: May 25, 2021
Still struggling to deal with the aftermath of a rough divorce, all while living in the midst of a pandemic that's paralyzed the whole world, I've come to realize that marriage and a 9-5 job are no guarantees for financial stability.
However, I was lucky that I had a side gig (photography) already before I divorced, although, I never looked at it that way . At the same time, I didn't treat it like a hobby either -- it was a sort of gig that was between a hobby and a side gig. Nonetheless, photography gave me great insight into how to market myself and, of course, gave me the skills to create my own content for this blog and my other ventures, for example.
I am still in the process of transforming my photography side gig into a passive one. From an artistic point of view, selling my images for just a few pennies on stock sites never appealed to me, but now I am wondering if I should list them on some stock sites anyway just to see if I would get any traction (and some cash flow) from there.
Regardless, for me, there are three reasons why I want to increase my sources of income:
Volatility of job (in)security. No 9-5 job is safe anymore. The pandemic and previous market crashes have taught us that much. In addition, having multiple sources of income is a way to diversify, similar how one would diversify one's investment portfolio. It leaves me less exposed to financial risk.
Building long-term wealth. I have some major financial goals. Because I feel as though I need to compensate for lost time and lost savings, having multiple sources of income will put me back on track to financial independence and early retirement.
Pursuing my passions. Because having multiple sources of income allows me not to be reliant on any single job, while covering life's necessities plus more, I can also pursue the things I love doing and get paid for them, such as working on this blog:) However, because of these other sources of income, I don't have to feel stressed about making this one thing pay for my bills and savings -- I can pursue my passions without pressure.
So, what are these other sources of income, then? Here you go:
Professional photography services
Affiliate marketing on this blog (yes, if you click on a link I might get a commission for it but it doesn't cost you a thing)
Selling unused books and other stuff on Ricardo and FB Marketplace
In the future, I want to diversify even more to include evergreen/passive sources such as:
Youtubing (still trying to figure out how to do it without showing my face)
Selling my photo books with on-demand printing
Selling stock images (pending - still mulling this one over)
Buying real estate property to rent out
How about you? Do you have any side gigs? Would you like to start one? Let me know in the comments!
++This is not financial, legal or investment advice and is not a solicitation to buy or sell products. I assume no liability for the accuracy of the information on my website, blog articles and any emails. Trading securities on the stock market is risky and you could lose your entire initial investment. I assume no liability for your decisions. I recommend products on my blog that I use myself. I may receive a commission for links posted, which helps me finance my blog and website.++