I have friends who lost a job that they think offers them the security. I know small business owners who went back to employment because their business does not earn enough to support a family. These are just some of the stories you hear around you. The realities of the financial crisis can struck you when you least expect it.

These people whom I know personally have suffered the unexpected loos of income because they depend on one income stream. They maintained a single job and didn’t have any form of investment. My personal fear of being in their shoes is what keeps me motivated to maintain several side income and keep my day job at the same time. These side jobs are what we call raket in the Philippines. It may be a small business, a freelance job

It’s not a walk at the park but having multiple jobs has several advantages.
1. Provides Extra Income – This is probably the most obvious reason why people keep several jobs. Having a fix income is no longer enough for a person like me who had a taste of the benefits of having additional income.

2. Provides a Fall Back – There’s no such thing as job security. So, having several side jobs in addition to a full time job provides alternative employment. One of these side jobs can become full time job in the unfortunate event of losing your day job.

3. An Opportunity to Learn and Hone a New Skill – I have been blogging on the side for almost three years already. Through blogging, I learned how to use WordPress as a Content Management System (CMS), learned how to host my own domain and learned WordPress theme customization. These skills that I acquired have also been sourcse of additional income as well.

4. An Opportunity to Network - having multiple jobs allow you to widen your horizon. Like in freelancing, you would oftentimes be dealing with clients on a personal level. If you have earned your client’s trust he will also give you referrals to those in his network and the cycles goes on.

5. Side Jobs Break the Monotony of a Full Time Job – Variety is the spice of life. Having only a full time job will make you miss a lot of opportunities to learn and connect with other people. Haven’t you experience a time in your work wherein you wished you were somewhere else? I have and my side jobs kept me motivated to work since I will be looking forward to doing something else.

For somebody who works as a Small Business Counselor but without a brick and mortar business to boot, I have been asked several times why I don’t have a business of my own. The answer is simple, I am my own business and my greatest asset is myself — my knowledge, skills, experience and network.

Consulting is also a business but instead of a product, you are offering a service. Just like an entrepreneur, a consultant also needs to continuously enhance knowledge and skills, not necessarily from the four corners of the classroom.

There are several ways to improve yourself as a consultant/professional. Here are my top 3 choices.

1. Go back to school – you can’t learn everything in a classroom but it will surely boost your resume. A modular classes are common these days but in my opinion, a classroom setting is better. It provides more interaction among students which facilitates more exchange of ideas and knowledge.

2. Be a member of a civic/professional organization – expand your network by joining civic groups and professional organizations. You may have to pay a minimal membership and annual fees but it is very rewarding. You get to network with individuals who share your interests and may also provide you with prospective clients. Trainings and seminars are usually conducted by these groups as a minimal fee for members.

3. Read voraciously – reading keeps you updated on the latest news and trends. A wide reader never goes out of anything to say in conversations. Just avoid being too opinionated as this has the tendency to give out the wrong impression.

As a consultant, you cannot give what you do not have so you should equip yourself with the tools of your trade. As they say, education is a lifelong process so never stop learning.

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In today’s economic crunch, we should always prepare ourselves for any event affecting our personal finances. There’s no such thing as job security. Small companies close shops and bigger companies sometimes need to trim down employees. Even government is rationalizing and getting rid of redundant organizations and positions. In events like these, we have to thank for rakets or freelance jobs to cushion the effects of loosing a permanent job.

The small income stream saved from rakets can help a lot in preparing you to look for another permanent job, if that is your choice. Sometimes these rakets or freelance jobs can even help you jump start your own business. Another option is to continue your rakets in a semi-full time status or you may even want that to be your full time job. Nevertheless, it pays to have part time jobs for additional income and as fall back in preparation for a worse-case scenario.

These came to mind as I am about to end my contract with a government program this December. I was a little worried at first but when I thought of my other part time jobs, I got to relax. It’s still six months from now so I have enough time to look for another fulltime job. The income I get from my rakets will be saved and used in the event that I will not get hired for a few months. Thank goodness for rakets!

I love living in the province. No traffic. Laid back lifestyle. Fresh air. These are some of the reasons why I chose to stay here in exchange for bigger career opportunities in Metro Manila. After all, there are more important things in life like family, health and quality of life. However, the laid back lifestyle doesn’t stop me from being aggressive in looking for ways to earn extra bucks. If opportunities are scarce in the province then I’ll just have to be more enterprising.

Here are 5 ways I earn extra income:

1. Teaching. I consider this as my main sideline for more than two years already. The pay is not that big considering I’m teaching at a local city college but I welcome the regular monthly income. I have a lot of extra time on my hand and I believe it’s a sin not to spend it more productively. Part-time teaching can also be demanding as you don’t only use your time on the hours you do classes. You also spend extra time in preparing for class, doing readings and researching, checking papers and computing grades. At the end of the day, it’s more than just the money. It’s your passion to impart your knowledge.

2. Consulting. I’ve done consulting and preparing proposals and business plans for small entrepreneurs and students. My background is really on small business counseling so I’m actually using my skills acquired from my job to earn extra income. This is one of the reasons why I keep my day job for it is actually my training ground. When doing this part time, I see to it that there’s no conflict of interest. I get clients from other provinces who are not part of my regular clients. I also adjust my fees depending on the client, the amount involved, and the time I’m going to spend in preparing it.

3. Desktop Publishing. I know a little Photoshop and I’ve done some free layout jobs for the office. I love acquiring new skills and I learned it through self study. It has now become more of a hobby and through word of mouth, I have accepted a few paid layout and printing jobs . When I bought my PC, I already have in mind that I would use it to earn extra income. Somehow, I’ve already recovered my investment on it.

4. Online Trading. It sound big but actually I’ve only done a few online transactions at eBay. I’ve sold a few of my stuff, ebooks and video tutorials. Your junk may be a treasure to others so it’s a good way to get rid of those old stuff and earn a little. There are ebooks and video tutorials that are freely available on the net. Some people out there are too lazy to download these from the net and I’m only too willing to do it for them, at a price of course.

5. Blogging. I wish! I’m in a stage where I’m just learning the ropes so I currently don’t earn from my blog. But other people have, and quite much. Do a Google search for ‘making money blogging’ and you’ll be amazed at how and how much people earn from blogs and other online activities.

Earning extra income is quite a challenge and an adventure. Actually, if you only let yourself be more creative you’ll learn, as I have, that there are a lot of money-making opportunities waiting to be discovered, even in the province.