How to Make Multiple Income Sources as a Freelancer

[Jasmine]

If you are a freelancer, you are basically making money through active income. if you depend on active income source, you might have difficulty in your life because active income source might stop for you some day (when you are sick, when you can’t work, etc.). Therefore, as a freelancer you will have to build multiple income sources.

If you are a freelancer, you are not entirely occupied with your assignments for 8-10 hours, right? Whenever you are free, you will have to work to build your own product. What kind of product should you build depends on your skills. If you are a writer, you can create your own book, if you are a graphic artist, you can create your own NFT or digital art, etc. After creating your own product, you should put it on sale. You should not stop there, you should continue creating multiple products. If possibly, you should build a business based on the product you have created.

 

[Mika]

Freelancing means you are working actively to make an active income. Just like with a job, when you are a freelancer, you will be making money as long as you are working. In a job, some companies offer you perks such as pension plan, provident funds, etc. however, as a freelancer you do not have that kind of leverage. Therefore, if you are working as a freelancer, you should build your emergency funds as well as retirement funds. You can do that by regularly saving your income. You will also have to build a second income, or even a third and fourth income. You can do that by doing multiple things. As a freelancer, you might not always be engaged for 8 hours in a day. Sometimes you will not have any assignments. When you are free you will have to work on developing your own product and own business. You can build a product or business based on your own expertise and interest.