The secondary source of income and ocean of opportunities.
I was wondering why I should take additional hassle when I am having a full-time job. But when I realized that my colleague who is also an Uber driver during his leisure, is making good money as a secondary income. He says, his car was being unused but he has EMIs to pay. So he decided to become a taxi driver for his humble car which will fetch him a secondary source of income. Sometimes he also gets incentives during peak hours and holidays. He is not only paying his EMIs regularly, but he is also saving some of it.
I came across a vendor in my cafeteria, who is actually a full-time employee with a multinational company. He sells fruits, snacks, breakfasts, fast-food, etc. in our canteen. Because of these vendors, the canteen is getting a luxury makeover as great food is provided at work. When I spoke to these vendors’ alias multinational company employees, how did they come up with this idea? They said most of the employees eat at least 2 meals at work. So they saw this as an opportunity and got contracted with few local vendors and started selling food at canteens. Most of the companies are giving their canteens a gastronomic makeover. They are hiring professional caterers to provide the best to their employees. This has opened up a world of opportunities for catering companies.
Generating extra income can have a major impact on your finances. It is very important to diversify income, it can go a long way towards paying your debts, fees or investments. Focus on creating unbelievable value, whether investing in real estate or buying stocks and bonds. But remember falling back on these income strategies is not always a sure thing if you are not diversifying enough. Always better to have more income generators and even if one fizzles others will sustain.
How does one diversify their income? In today’s world, there is no dearth of opportunities for generating a secondary source of income.
Here are some of the ideas that never fail.
Talent: One can also put their passion for work. If you are a musician, artist, dancer, etc., you can teach them to others and earn some extra bucks. This way you also keep your passion alive.
Youtube: One can create YouTube videos in any area like music. You can attach google Adsense to videos which will lay your videos with ads and with each click on those ads, you will earn money. There will be cash flow for a very long time. This is a venture that is growing.
Tuitions: Next best way to earn little extra is home tuitions. If you are good at teaching you can put that in use by helping learners with their subjects in your free time. You can also charge as a baby sitter if you are taking tuitions at home.
Writing: Another way of earning is by paid blogging, graphic designing, content writing, etc. You can sign up to promote certain products, reviews, and services on your site.
Contracting: You can meet local vendors, plumbers, technicians, domestic helpers, house-keeping and then negotiate commission rates and then market yourself as a service provider. You can simply earn a commission without much investment.
It is tempting to pick all the ideas but choose the idea that appeals to you best in the beginning. You need time and the ability to focus, so master one thing before moving on to another. It is going to take a substantial amount of time initially but earning passive income is everything.