“Never depend on single income. Make investment to create a second source” – Warren Buffet
Billionaire Warren Buffet has been quoted as saying “Never depend on single income. Make investment to create a second source”. With a net worth of almost US$79 billion, as well as a stealthy reputation of being a smart and strategic investor, it would pose no harm applying the principles of a man that has held a top position on the Forbes list for over a decade. Here are a few ideas you can utilize below in your journey towards financial freedom…
Start a service business.
Launching a service business can be done without a large network, an online presence or much overhead. The easiest way to start is by telling people in your existing network what you’re offering, and asking them to spread the word. A few ideas for a service-driven business include dinner catering, freelance writing, online marketing and even proofreading or editing. Start by crafting a killer outreach email to get yourself up and running in just a few days.
Consider renting out your space.
This is a great option for young professionals who have the privilege of frequently travelling for work purposes. List your place on Airbnb to make passive income while you’re away on business.
Have a fashion exchange.
Host a small function whereby you charge a reasonable fee and invite friends and colleagues along with their respective circles to have a clothes swop or place their gently worn clothing on sale. If obtaining a venue is an issue, ask a friend who happens to have a large garden or balcony if you may utilize their space.
Play music at weddings.
Known for your nifty DJ skills? Make no mistake, weddings are still a common occurrence (despite being constantly told that Millennials don’t wed!) and therefore a great opportunity to make money. Advertise your skills for weddings or other commercial events on your own social media pages, personal website or blog.
Sell your photos.
This may not be so ideal for the tired professional who just wishes to catch up on some sleep over the weekend, but can certainly work for full-time students who need extra cash. Better yet, if you happen to have a huge family or younger friendship group, why not establish your very own baby-sitting company or service?
Have your own Uber.
This is great passive income that is perfect for those who are fortunate enough to have an extra, fully-paid off vehicle, or are willing (and can afford!) to purchase a new car specifically for these purposes. Ensure you follow all rules as per Uber’s policy.
Become a fitness instructor.
You will be amazed at how many people still fear the gym, or have no interest in utilizing gym equipment due to experiencing boredom of their gym routine. If you are known for your fitness activity and have a large circle of friends, start your own unique fitness club and simply find an affordable space to use/rent. You may start by holding the classes on Saturdays alone, then slowly work your way up to teaching daily after hours. Who knows, you could start the next “Soul Cycle” revolution!
Written by: Zimasa Mabuse, Editor of The Corporate Canvas