How to make money while unemployed

by Jon Carlos Rodriguez,

Posted at Aug 23 2014 01:16 PM | Updated as of Aug 26 2014 02:00 AM

MANILA, Philippines – Being unemployed doesn't mean you can't earn through other creative ways, a financial expert said.

Whether you’re in between jobs or just haven’t had much luck securing a steady paycheck, not having a job is not an excuse to stop earning cash.

Registered financial planner Randell Tiongson said one alternate source of income is taking up freelance job opportunities.

Tiongson said that before entering the freelance market, you must first educate yourself, find out what the job market is after, and invest by training for the skills you will need.

“As they say, the best investment is investing on yourself,” he said on ANC’s “On The Money.”

Online jobs are also good options because of the flexibility and high pay.

Tiongson said that some small US-based companies usually hire “virtual assistants” for administrative work and pay them $500 a month.

The only investment needed is a fast internet connection and a sturdy computer, Tiongson noted.

Online tutorial jobs also pay well and are in demand, particularly those that require special skills such as knowledge in foreign languages.

“You have to start being creative and not too picky,” suggested Tiongson, adding that tapping your personal network is always a good idea in seeking freelance opportunities.

Tiongson stressed that when you find yourself without a steady income, the goal is to “try to get a job as soon as you can or do something that will generate cash.”

He said that even if have saved some money, it may be wiped out through time in the absence of cash flow.

Putting up your own business is also a good idea, but Tiongson said you should start small and get into something you know by heart.

“If you’re looking into investing on a business, go for it but study the option first,” he said.

Tiongson said now is a good time to put up a business because of the growing economy.

“For a growing economy like ours, there are a lot opportunities for small and medium enterprises, and of course, becoming a small entrepreneur is a great way to start,” he said.

However, he advised against getting a loan to start a business because you may end up losing more money unless you are sure that the business will immediately take off.

Tiongson also said getting a loan to merely spend on daily expenses is a bad idea.

“It’s a shortcut solution to a long-term problem,” he said.