The first important part of investing is thru earning cash and increasing cashflows that will be used as a buying power for different financial instruments.
Every month you should know how much cash coming from passive and active income. A monthly cash flow budgeting is highly recommended especially if you are living paycheck after paycheck. (Excel distributed by Newbie Mentor).
Yesterday, I passed by near Dubai Internet City metro station and a kabayan approached me offering Cassava cake and Tikoy for 10 AED each.
I realized that there are many ways to create money machines thru sideline businesses even you are far from home country.
Imagine if he will be able to sell 50 pcs everyday for 10 AED, it will be a cash inflows of 500 AED a day and 15000 AED for 30 days, total cash inflows of 180 000 pesos a month.(12 php = 1 AED).
Can you imagine 1.8 Million pesos in 10 months?
In the calculations above do not include cost and expenses. I considered him working full time and only sell during rush hour after his 9-5 hours job.
I would like to encourage Pinoy OFWs to have the same mindset of this Cassava cake seller to have an extra sideline business.
How about you?
Feel free to share your sidelines.
As a Newbie Mentor, my sideline is mentoring Newbies in the stock market, if you want to learn Pull back Trading strategy, please join me 1http://www.newbie.ph/2015/04/newbie-intensive-trading-course-repeat.html?m=1