The coronavirus pandemic has changed our lives dramatically. And with many in the UAE and around the world now dealing with a salary cut or job loss, there has never been a more important time to diversify how you earn your income.
If you only rely on the salary you earn from your job to support yourself, it can leave you and your family vulnerable if that income suddenly reduces or stops coming in entirely.
As the world struggles to deal with the economic effects of Covid-19, earning money on the side of your full-time job – whether through freelance work, creative talents, property income, investment returns or side hustles – has become crucial for many.
So what is the best way to diversify your income streams? And how do you identify what skill sets you can tap into? Plus are there any other ways to raise extra cash at this difficult time?
Host Alice Haine, the personal finance editor of The National, is joined by Zach Holz, a teacher and author of the personal finance blog The Happiest Teacher, who has multiple side hustles to ensure he can always earn an income.
Listen to last week's episode for the latest on staycation deals in the UAE
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
