Need to increase your income? While it may take forever to wait for a promotion, it’s always a great time to put in the extra effort to promote your income bracket!
After covering befitting content in Savings Month, I see it fitting to talk about growing your income streams as a student, because while saving, and even investing is all good and well, you need an income to actually save and invest. Truth be told, building additional income streams requires a lot of “sweat equity”, or money upfront to start with.
Now there are a plethora of ways to make extra money, from blogs, surveys, and property, to starting a business. Some are legal and others, well, let’s just say not so legal. To just touch on the notorious WhatsApp stokvels, yes, they are pyramid schemes, and as a general rule of thumb “if it sounds too good to be true, it probably is”.
With all the tricky language, and people posting photos of their bank notifications when schemes are paying out, it can be easy to get caught up in a pyramid scheme thinking you’re in the game of multilevel marketing. If you’re interested in learning the difference between the two, here’s a cool clip by BankerX highlighting the difference in just under 90 seconds (enjoy the music).
Renting out immovable property
Back onto the topic of generating extra income streams, to start us on this journey is renting out assets. If you have an extra room, you can consider renting it out as an Airbnb host, and guess what, listing your space is free! They do, though, charge hosts just around 3% per reservation. Now I know what you’re thinking, I know there’s corona and lock-down in place, and this isn’t exactly a viable income stream right now, but I thought it fitting to add it. I mean people are advising us to buy property when the sector is taking a beating. Hectic right!?
Great for the outgoing, bubbly type
Another way to make money while you are a student is through brand activation, also known as "promotion". We live in a world of production and consumption, where every single product needs people to know about it, and that is where marketing and promotion come in.
There are different products which cater for different markets, and most products belong to different brands. Usually, brands handle their own marketing, but an efficient way of promoting is outsourcing promoters from companies that actually specialize in that field. Just to name a few types of promotion, we have:
Alcohol Promotion - These promotions specifically focus on the marketing, and increasing of sales for a certain alcoholic beverage. These can be held almost anywhere, but they are more effective when at places with public gatherings to buy, or sell alcohol, and so usually happen at concerts, taverns, bars and can also take place at clubs. Promoters have to be well presented, and to some extent be "attractive". Because these places of promotion vary in levels of danger, it is up to the organizers of the promotion to ensure the safety of their workers.
In-store promotion - these basically have to do with any product that might be found in stores. This is one of the safest forms of promotion, as it will always occur in a well-guarded store with trustworthy security. These could be dealing with something as simple as the sales of a certain appliance brand, or maybe a new flavour of coffee from a specific brand. These only happen during the day, and promoters usually wear t-shirts provided by that specific brand.
Words that cost
By now, you’re probably getting impatient and hoping for an income stream you can actually jump on as soon as you finish this blog post. Well, here it is: freelance writing. Working as a freelance writer is a great way to not only improve your writing skills, but it’s also a pretty neat way to make money from the comfort of your home. If you’re fluent in English, Livingston Research is a great place to kick-start your freelancing journey.
E-commerce Boutiques are also another great way to earn yourself some extra cash. Considering current times with lock-down at play, and people at home with all that attention sitting idle, this might just be the perfect time for you to get your e-commerce boutique up and running.
E-commerce boutiques are basically online shops (shops that sell their products online). You can create a website, or just operate off social media platforms like Instagram and Facebook. You can literally sell anything; you can be the sneaker plug across the country, all from the comfort of your phone. I know I make this sound easy, but remember, I did say that building additional income streams requires a lot of “sweat equity”, or an upfront cash investment to get started.
While creating an income stream requires money upfront or sweat equity, one thing that’s for sure is that you don’t have to wait until you have a full-time job before you can get into the saving and investment game. The sooner you get in, the sooner you can start taking advantage of compound interest.
At the end of the day, what is both free and requires less elbow grease is financial literacy afforded to you by the treasure trove of articles on our blog. Be sure to not only subscribe below but to leave a comment to engage with the community of readers that are thriving for financial freedom with the Finance Gym.
Author: Sihle Hlatshwayo