There are two types of income; passive and active. For most Filipinos, their common source of active income comes from their monthly salary. It is steady and it is there, however, the growth of income remains stagnant. Now, the million peso question, “How to increase that income?”
To help you get your millionaire success story answer, here’s a takeaway on five attainable strategies that are real and practical to grow your income this 2017!
1) Determine your expenses.
The first strategy is to determine all of your expenses and to know where all the bulk of your expenses are coming from. Get the difference of your total expenses from your active income. Your active income is your gross income (the monthly salary), and the more expenses you have the less net income you receive.
For example, if you are spending too much for a coffee from Starbucks when you can take a sachet of caffeine from your office pantry. So the goal here is to lessen expenses to increase your net income. That way you can set aside more money for your savings.
“Never solely depend your financial security with a single stream of income.”
Once you determine your net income, and get enough savings from it, here’s how you can achieve another side income through a passive income.
2) Invest on space for rentals.
“The best investment on Earth is Earth.” – Louis Glickman
Landlords and landladies earn money while they sleep, and true enough, land is indeed a valuable commodity! You don’t need to technically own a parcel of land for this income-generating strategy. A living space like that of a condominium building is good enough.
Here’s how you do it, Acquire a ready for occupancy unit with a low down payment, get the rest of the payment through a bank loan for a long period of time to get the unit. Then have it lease out and let the monthly amortization for the bank pay for it.
Kinda sound practical? Well, the unit may cost you more than the original purchase (because of the bank interest), but since you have tenants renting out the unit, it becomes self-liquidating!
3) Acquire a low down payment car and have it lease for a ride sharing/service app.
One good indicator of an improving economy is the financial capability of its citizens to purchase cars easily.
Today, most of the working class have been using popular app-based ride services. The demand for a fast, easy and convenient means of transportation continues to grow and with insufficient drivers, surge pricing happens. So, take the opportunity to acquire a low down payment car and have it lease out for a ride sharing/service app.
Plus, these app-based ride services actually earn more than regular cabs because the cost and maintenance to acquire a taxi franchise is much more expensive. Your goal here is to also get the return of investment in no time and earn profit.
4) Bet your capital on a small food cart franchise.
You don’t have to spend millions to franchise a business, so don’t worry. A food cart franchise is an attainable strategy to help you grow your income. This business works well as food carts cater to the “eat and go” lifestyle of the ever increasing Filipino middle-income earners. Plus, you can never go out of style with food.
While most food carts come and go it is suggested to acquire a franchise with reliable/established business framework to reduce the risk and increase income potential.
5) Establish a specialized market for personal shopping.
For OFWs abroad and for those who frequently fly abroad, take the opportunity to shop to resell the items. Cater to a specialized market like women, urban professionals and enthusiasts who are looking for brands that is not available in the country or sometimes there are certain brands that are expensive here in the Philippines as compare buying abroad. To build your market, you can start by selling it to your friends or friends of friends.
If you can follow these steps faithfully then you are likely to see that your financial change is coming for the best this 2017!
In any case you need extra capital to get your dream business to work, you can always get quick cash loans from PawnHero .
PawnHero is your go and beyond online pawnshop that is always here to give you access to affordable credit and to answer your short-term cash needs! PawnHero accepts a wide variety of items to give you quick cash loans anytime, anywhere. Just download the PawnHero app to start or visit the PawnHero website to learn more.
Jhon Kenneth Delos Reyes
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