If you have been earning a regular income and you have dependents, they are likely to suffer if you get incapacitated. When the inevitable happens and you get injured or incapacitated, you are likely to lose your income and find it hard to make ends meet. It may be difficult to support yourself and the family. So what is the best way out of this situation?
Having an australian income protection insurance is one of the ways of protecting yourself and your family from loss of income occasioned by injury or ill health. Alternatively, you can sell some of your assets, rent out a room, start selling items online or engage in freelancing activities.
Therefore, it does not matter what happens to you. If you are the main breadwinner, you must find a way to ensure that you continue putting food on the table. Unfortunately, this is easier said than done. Read on to see some of the methods you can use to earn an income when unable to work.
1. Take an Insurance Protection Cover
The policy protects you against the risk of losing your income due to illness and injury. So when the inevitable happens, and you get incapacitated, you will be entitled to 70% of your gross income. The money is paid weekly or monthly to help you pay fees, keep mortgage payments updated and provide for your family. Depending on the policy, the insured is likely to receive a lump sum on top of the monthly or weekly payouts.
2. Rent out Some Spaces
If you have an extra room and your house is situated where people are looking for rental spaces, you may consider renting a room or 2 to generate some income to see you through the recovery period. You can join websites such as Airbnb and rent out some space to generate additional revenue. If you rent the room to a tourist looking for a relatively cheaper and affordable room, it may fetch you some considerable amount of money for the time the tourist will be around.
3. Buy and Sell Items Online
Most people make money buying and selling items on the internet. Stores like Etsy, Craigslist and eBay provide opportunities for people who have some time to spend on the internet. It allows them to buy and sell electronics, clothing and furniture. Flea markets and thrift stores provide an alternative to allow you to flip and make a profit online. Etsy allows you to sell handmade products online, so if you can source for crafts and unique paintings, you could sell them and generate some money online.
4. Start Freelancing
If you have an additional marketable skill such as writing, accounting, web design and development, you can make some money on platforms like Upwork and Fiverr. Also, if you can make great videos or take photographs, you will still make money online. Similarly, if you know how to design graphics, have an extraordinary voice, or make animations, you will make enough money online.
Of course, you can do plenty of other things to help you make money while recuperating. Take on online gigs such as writing, proofreading, data entry or web design and take on opportunities for professional development and make some money as you recuperate at home. Also, you can buy an income insurance policy to cover you during the time you will be incapacitated.