5 Reasons you need to think of having a second income!

For anyone in corporate life where income is fixed and the probability of unexpected earnings is almost unelevated having a second income is quite exhilarating. But anything that makes us feels happy, and when the factor involved is money, we definitely got to do something ‘extra’- something apart from your regular job. Now, this does raise a lot of eyebrows, but guess what it is very much workable. Keeping aside two hours daily is no big deal. The world needs writers, graphic & website designers, coding experts, video editors, and translators. Need not worry if you are not one of them, anyone can use the power of online marketplaces and skills websites to gain second revenue.

A few years back I started a blog and scribbled anything and everything that I fancied on it. I took part in writing contests, attended blogging conferences, and got to socialize with various writers, artists, and bloggers nationwide. Not only I got to explore the positive side of a new ‘me’, but it also generated a source of trivial income for me. Definitely, it was not overnight as there were months and years of consistent ‘extra’ hard work. Creating a source of second income is a very creeping process as it starts gradually, but then it exhilarates.

If this has not yet stimulated the urge in you to work towards it, read on why you should already be thinking about it.

  • Save more: In the early days of our career, we intend to spend more and thoughtlessly. It happens with most of us; we realize it too late in our lives we have not saved enough. 6 years back it troubled me a lot when I was finalizing the deal for the house I am living with my family, as I hardly had any savings. I realized how not planning and spending carelessly can be messy in situations like these. Now whatever the reason could be, that average pay raise or I spent too much, or I traveled a lot, or I didn’t care to save, it is better late than never- the realization that we need to save more. And how great is to do it by having multiple income sources? A second income can surely help you plan things and make you financially stabler.

 

  • Secure the risk of Job loss (you never know): I spend a considerable amount of time on Linkedin and I notice many people scouting for jobs. It really gets scary to read about layoffs for whatever reason. Artificial intelligence is the single biggest threat. Automation has already troubled us, and it is predicted to become more widespread in the years to come. It is always good to have a second source of income that may help us in such an unexpected situation. Some additional money can act as a lifesaver in unpredictable circumstances arising at work.

 

  • Find your Passion: It can be photography or baking or being a gym expert. I have several people around me, each with some expertise or a higher level of knowledge in an area that interests them. We can turn this into an extra income that will not only make life more interesting but also get to earn more. As a matter of fact, many people find themselves stuck in jobs they do not enjoy and would want to switch. We can set aside some dedicated hours every day or work during weekends along with our full-time job. This can also help in boosting the overall happiness quotient. Like many people say #followyourpassion, you ought to listen to them.

 

  • Leisure and Vacation: A good holiday with friends or family is fun and a break from the corporate jungle. Whether it is Bhutan’s Tiger nest or Rome’s Colosseum or Swiss Alps, we all have the desired bucket list aspiring to see in our lives. I visited the Tiger’s Best in 2017 and I feel so content I could do that. Some excess money can make it attainable to plan such leisure trips.

 

  • Makes us self-reliant: Once we generate a second source, a few years after gaining some momentum with the cash flow, we can have the choice to choose, which is amazing. The aim should be to make the second earnings equal to the main pay or at least get closer to it. Eventually, it makes us more independent and closer to our life goals.

So what you need to do is start now, not tomorrow. As some rightly said – ‘If you start now, you’ll begin seeing results one day earlier than if you start tomorrow.’

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