Locked Down? Plug Your Income Gap
I hope you’re managing to keep well as things get harder. Whether you are one of the people who have no way of earning a living at the moment or even are having to work from home then my advice is to get started on some way of earning an independent income.
Here in the UK the self-isolating rules have now become much stronger, as they need to be if we are to beat this pandemic.
The most important thing to do is keep your spirits high. I know that’s easier said than done when you are worried where the money is going to come from to pay your bills.
Making sure that we keep our immune systems high is vital to combat any infection and we’re told that worry lowers our immune system.
So what can you do to get a balanced perspective on things as they are for you now and build a plan to move forward.
The first thing I suggest is that you sit down with a pad and paper (or computer spreadsheet if you prefer) and work out your freedom figure.
Your freedom figure is the amount of money that you need to make to pay your bills after taking into account any other earnings.
Basically you create 2 columns, one for income and one for expenditure.
In the income column write down any money you have coming in at the moment. If you’re a pensioner, as I know many of you are, write down the full amount of pension income you have.
If you’re fortunate to have any investments that pay you a dividend add that to your income.Of course, if you have lost your job and have no income that column will be blank. That being the case check to see what benefits you can receive from the state.
Here in the UK the Government have put measures in place to help people out. If you’re employed you can get 80% of your salary up to £2500 a month paid for the next 3 months.
Self employed will now get a similar settlement but there are more complications.If you’re in the UK I suggest you check out Martin Lewis’s summary of the benefits HERE
I understand that there benefits available in the US too but you’ll need to make enquiries with you local authorities to see what’s available.
Many people in the UK will be eligible for Universal Credit so check online at Gov.UK to see if you’re eligible. Sadly, if you’re past retirement age you don’t qualify so you will need to look at housing benefit or pension credit.
If you find out you have some benefit entitlement then you can add that to your income column.
When you have created your income, write down all of the expenses that you must pay each month. When analysing your expenses, check to see if there are any that you don’t need. Most of them you will need but there could be some that you can do without, at least while you’re getting through this.
There are often expenses that we like to have when we’re earning that we don’t need to live. Now is the time to be ruthless and cut out ‘nice to have’s’. You can get those back later when your finances improve.
Having completed both columns you take your expenses from your income and that figure is your freedom figure. It will be a minus figure in most cases. If it’s a plus figure, do a little celebration dance because you can cope with things for now.
When you get that figure I find it’s good to break it down into what it is on a daily basis. I simply divide my monthly figure by 30 to get an average daily amount.
That figure is the amount you need to make each day to hit your monthly income requirement.
When I get clients to work this out, many of them are surprised at how little that figure is. Most are expecting it to be an unrealistic amount and it usually isn’t.
Now you need to analyse what you can do to make that daily amount. With the current lockdown going out to provide services is almost impossible but there are ways to consider using the internet.
One of the quickest ways to make some money is to promote someone else’s product as an affiliate.
Affiliate marketing has been an evergreen way of making money online since I started back in 1996 and it still works today even better than ever.
I was just clearing out some old files yesterday, since I now have to stay home, and came across an email from Jim Daniels dated way back on March 3rd 2003.
Jim was making an income as an affiliate then and still is now.
In that email Jim outlines the 10 must have components to survive in any web business and they are the same today, 17 years later.
I’ll cover more of that tomorrow but today I just want to suggest that you try affiliate marketing. You get paid very quickly, within 2 weeks if you use Clickbank like many of us do.
To help you get started I suggest you use affiliate promotions that are already working to speed things up.
Jim has been producing a swipe file of his best affiliate earners for some years now and that is the best way to start in my opinion.
If you follow his advice here and get stuck in, you could be earning that freedom figure very quickly.
I’ll send out more help and advice tomorrow but if you have any questions or need help getting started please get in touch.
Keep safe, avoid personal contact if asked to do so and follow the scientific advice.
My best advice is that it’s good to keep informed but not to be inundated. Every news channel, every alert on our smart phones and everybody in general are talking about the latest terrible news about the Covid-19 virus.
Now, believe me, I’m not saying it isn’t serious – it is very serious. But it’s also important to keep positive because that has been shown to help keep our immune system high.
I really believe that what we think has a major effect on our physical body. The more positive we are the better we’re able to fight off any infection.
Stay safe and keep healthy.
Until next time,Kind regards,
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