When a Single Source Income is No Longer Enough: We Find Ways

"Juan is a loyal employee and he lost his job during the pandemic."

"Anna is a businesswoman and her business closed permanently because of the lockdowns."

"Carlos is an investor and the value of his investments dropped significantly."

"Jeremy is a rental property owner and many of his tenants left because they can now work from home."

"Emily is a supplier for the airline industry and many of her clients stopped ordering because they are temporarily non-operational." 

The sad part -- they are all breadwinners and their entire family is dependent on them. 

Sounds familiar? 

These are some of the common stories that you'll hear in the past 2 years during the pandemic and it has been an eye-opener for many of us. Personally, I realized that there is no security in being employed or simply having a business. There are a lot of things that could happen and having a single source of income is a risky way to live.  Now, I understand why financial gurus have been telling us that it is important to have multiple income streams.

Because it is important to have a BACKUP, BACKUP, BACKUP source of income in case one of them fails. 

However, the biggest question is... Is having multiple income streams possible for ordinary Filipinos? What if you are not from a rich family? 

The answer is YES! Even if we are not born with a silver spoon, Filipinos are "madiskarte" and WE ALWAYS FIND WAYS. Thus, having multiple income streams is still possible. 

Sharing with you three (3) ways how you add another income stream.

1. START A BUSINESS 

Starting a business is easier said than done. First, you need to come up with a business idea. If you still don't have one, start with what are you passionate about and see if can potentially solve a problem/ gap. 

Once you have that business idea. Determine if it is feasible by creating a business plan. This is also the best time to check if have available suppliers (in case you go into retail or manufacturing) and if you have a market for it. 

If you find your business idea feasible then you'll need the capital to get started. 

So, what if you don't have the money? Well, that shouldn't stop you from pursuing this endeavor. Here are some ways how you can generate capital for your business.

• Launch a crowdfunding campaign. There have been a lot of crowdfunding success stories and you can be one of them too. You just need to have a good product and the right pitch. 
• Raise capital from family and friends who would be interested to invest in your business. Make sure to determine exactly how much funds you need and the equity that you are willing to give away. 
• Apply for a loan. There are a lot of SME Loans available in the market. Banco de Oro (BDO) for instance offers funding options tailored for SMEs ranging from 1-50 million. They even have the SME Ready Check which works like a revolving fund that is ideal for buying inventory or supplies to address seasonal or bulk orders. You can also use it as a working capital to address operational requirements. 

The best part? You can even apply for a loan online: https://www.bdo.com.ph/personal/loans/sme-loan 

2. START INVESTING

Did you know that for as low as Php 10,000 you can invest in Bonds, Money Market Funds, or even the Stock Market? 

Well, I am also surprised to find out that you don't really need a huge amount to start investing. Different trust and investment products suited to your different needs and risk appetite are readily available. The opportunity to invest is now possible even for ordinary Filipinos. It's easy and accessible. 

One of my favorite investment products is the Peso Money Market Fund of BDO, it earns relatively higher than your savings and time deposit accounts yet it doesn't even have a minimum holding period. This means that you have full access and control over your funds in case of emergencies. (Please note though that experts advise staying invested for at least 6 months to maximize earning potential.) 

3. START AN ONLINE GIG

Upwork, Freeup, and Fiverr are just one of the many freelancing marketplaces available today and it wouldn't hurt to have an online side gig that we can offer to international clients. 

If you have skills in content writing, graphic design, or video editing, then you can work on fixed projects during your free time. I have been doing this for years already and there is really no competition here. Your target clientele is global and there are so many foreign clients who are eager to hire Filipinos for their talent, hard work, and skills. 

Receiving payments is not even a concern because our trusted banks accept international remittances so, your clients can pay you directly through bank deposits. You can even open a US Dollar Savings Account for as low as a $200 initial deposit in BDO. 

Indeed, through innovation and technology, we can definitely make things happen for us where having multiple income streams is no longer just wishful thinking but a reality for ordinary Filipino families. Thanks to our partners like BDO who have been there making ways for every Filipino family since 1968. 

Book Feature: Dive the Depths: Condensed Life Lessons of a Mother to her Son + Exclusive Interview with Author Jenny Mae Albinio

"The mother is the first teacher of the child. The message she gives that child, that child gives to the world.”— Malcolm X

Many of the most important life lessons we have, we learned from our mother. She has been our first teacher and as we grow older, she continues to give us pieces of wisdom as we navigate through life. How lucky we are if they can stay with us forever... 

However, in reality, it is not always the case for everyone. Some grow up without having a mom while others lose them at a very young age. 

Knowing how unpredictable life is, this is the reason the author wrote a letter to her son, condensing every life lesson learned in her lifetime just in case she won't have the chance to share it with her child later in life.

Dive the Depths: Condensed Life Lessons of a Mother to Her Son is an inspirational nonfiction for Teens/Teens-at-Heart. 

The book was written by Author Jenny Mae P. Albinio, a Pediatric Junior Consultant in Iloilo City, and a Fellow of the Philippine Academy of Aesthetic and Age Management Medicine, Inc. 

She is an aspiring writer/poet and the author of the book entitled, "Tales of Soliloquy at mga Tula ni Tamaraw: A Collection of Poems and Torrents of Thoughts” under 8letters Publication.

She is also a blue belt jiujitsu practitioner under DEFTAC-Ribeiro Jiujitsu, advocates women empowerment, and abhors any kind of abuse and injustice. She remains a diverse reader, full of joie de vivre, and loves traveling, hiking, living in the moment, food, nature, cats, and martial arts. Her best asset is her brain saturated with wit and humor, which has always been one of her saving graces.

Today, we are lucky to have the opportunity to have this exclusive interview with her. 

1. Can you share with us something about the book that isn't in the blurb?

This essay turned into a book, is a gift for my son's 16th birthday in May 9. By the way, we actually share the same birthday. This essay was originally published in Circles Volume 2 (2023, 8lettersPublication), as part of an Anthology.

2. What inspired the idea for your latest book?

This was inspired by my mom's words in Hiligaynon: "Biskan ano matabo, salumon ta ka." (No matter what, I'll dive the depths for you.) Also, the poem "Desiderata" by Max Ehrman inspired me to write nugget-size reminders for my son that he can easily browse when times are overwhelming, and I'm not there to comfort and guide him.

3. How long did it take you to complete the book?

This is just an essay turned into a book, so the essay itself took a few minutes. It's the editing and revising that took quite a while. Also, the time looking for a local artist that will create the cover took some time.

4. What part of the book was most challenging to write and why?

I find the last part the most challenging. When you're trying to compress everything you've learned in a book, you'll feel you're going to miss a lot. So in the letter to my son, I've mentioned that there's still a lot to learn, and most lessons he'll learn along the way.

5. What do you hope your readers take away from this book?

I hope the readers will be reminded how precious their mothers are, and the importance of showing how much they love their mothers while they still can. I also pray that the parents will learn to respect their children as an individual and give them the freedom to explore their own identity, reminding them that as parents we are for them, no matter what.

6. If you’re planning a sequel or writing the next book, can you share a tiny bit about your plans for it?

This crossed my mind. A sequel is a big probability. Maybe just to fill in the lessons I missed writing in the first installment. We'll see.

7. Where can they buy your books or find out more about you?

This book will be released soon by my publisher at 8lettersbooks.com. (Stay tuned for announcements) 

In the meantime, they can also follow me on my social media pages:

Facebook: Dive the Depths Inspirational

Instagram: https://www.instagram.com/dive_the_depths_inspirational

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Thank you, Author Jenny for writing this beautiful and inspirational book. Your son is so lucky to have you as a mom and we look forward to learning to the life lessons you imparted. Also, we are grateful to have this opportunity to have this exclusive interview with you.

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