Gone are the days when the mother stayed at home to look after the children while the father went out to work. I was lucky when I was younger, because my mother stayed at home. She, on the other hand, was not lucky at all. When she divorced my father, at the age of 30, she had to start her life again with nothing, in another country, alone. She had experience in banking, but, as she was an immigrant in Portugal, her Mozambican qualifications were of no use. But she started her business selling savoury snacks from home, and so managed to bring up my sister and me until our teens.
Even if I had a husband who could look after our family, I would insist on earning my own money. Not from just one source, but from several sources of income. Why? For me, my most important value is security, so having money speaks to my values and beliefs. I never want to end up in my mother's situation, without enough money to look after myself. It is clearer now than ever that having more than one source of income is not a "nice to have", but rather “a necessity”.
It is for the reasons I have set out above that I bring to this edition of Xonguila Step 3: How to increase your income. If you missed the first steps, see the previous issues of the magazine.
With prices and inflation always rising, a fixed income is no longer the best solution if you plan to increase your wealth or to retire rich. Having several sources of income does not mean you have to have 3 jobs and survive on 3 hours of sleep a night. The smart way to create income is through passive sources.
Putting your savings into an interest-bearing bank account will generate interest. The longer the savings stay in the bank, the longer you will benefit from interest and compound interest. You can rent out a room in your house, or turn your outdoor bathroom into a guest suite to rent out. You could consider setting up a dropshipping online shop. Building the online shop can be done almost for free, with the number of platforms available nowadays. Dropshipping means never having to buy stock, but rather selling the stock and then the suppliers send it directly to your customer. The whole process can be automated and all you need is a smart marketing plan and a budget.
How can you earn extra income for yourself? Have you thought about turning your passion or your experience into profit?
Entrepreneurship: identify your skills and passions and explore ways of turning them into a profitable business.
Freelance work: offer your services as a freelancer in areas such as design, writing, translation or programming, using online platforms to find clients.
Selling handmade products: create and sell handmade products online or at craft fairs, generating income from your talent and creativity.
These are just some of the many ideas for creating extra income.
Increasing your income and achieving financial security is within your reach. Start by exploring the various options available, invest in financial knowledge and seek professional guidance to make informed decisions and achieve your goals successfully.
Remember, Money Savvy Mozambique offers a range of online and in-person programmes to help you on your journey towards financial independence. Go to http://www.moneysavvygeneration.co.mz for more information.
Take the reins of your financial future and build the life you have always dreamed of!
