Whether you’re a professional, neophyte professional, or even a student, putting your finances in order is essential. You have to ensure that you can support your needs and still save enough for your future. While there are factors that affect the financial capabilities of every individual, there are also opportunities that you can explore to boost your earnings and build your wealth at the same time.
4 ways to boost earnings and build wealth
1. Get a second job.
Whether here or abroad, having a side hustle is now very common. There has been a growth in the number of people who take on a 2nd job to support their needs. There are also students who study and work at the same time. Nowadays, financial freedom for Filipinos means establishing multiple incomes to make ends meet
From online selling to entrepreneurship, these strategies that widen your income sources help fill the void in your finances and improve your quality of life. With added income on top of your usual earnings, it will be easier to allocate a budget for your expenses, pay debts, and even set aside some amount for savings.
2. Earn extra money from your hobbies.
Are there dishes that you can cook well? Are you into arts and crafts? The skills that you have mastered for a long time can be turned into money-making opportunities. The good thing about it is that you will be able to venture into something that you enjoy.
You only have to invest in tools and allot time to create your products. Of course, just like any business, you also have to study its feasibility and assess your market. Even small businesses have risks and you should be able to calculate your steps to avoid huge losses.
3. Invest in your knowledge.
It’s never too late to learn something new. You also have to look into the fact that you will not run out of new things to learn whether within or outside of your field.
Going back to school to finish a master’s or doctorate degree is one way to increase your earning potential. Another option is to complete certificate courses that can help you get a higher-paying job or even start a business.
4. Build your passive income streams.
In the Philippines, establishing a sound financial status is possible with passive income choices working for you. To define, passive income is an earning opportunity that allows you to earn money even while you sleep. It is a source of income that you build now so you can reap its benefits in the future -- and once widely adapted, passive income paves the way to make financial freedom for Filipinos a reality.
As the country's first and longest-standing life insurer, Sun Life offers passive income opportunities through mutual funds. The Sun Life Prosperity Funds offer an affordable way to start investing and earn high potential returns compared to traditional deposit products. Sun Life Prosperity Cards are also available in ₱1,000 and ₱5,000 denominations that you can use to purchase mutual funds. Understanding your risk profile also matters before investing. You can check your risk appetite through this ‘Investmentality Tool’ from Sun Life.
Sources: Bankrate.com, Investopedia.com
No matter what age group you’re in, you can find ways to boost your earnings and build your wealth. Invest in yourself, work on your strengths, and take advantage of investment opportunities that can help fulfill your long-term goals. With Sun Life’s wide range of insurance and investment products, you can take a step closer to financial freedom so you’ll have less to worry about in the future.