Second income stream with a job- What are your options?
Money can’t buy happiness.
Sounds factual? (Or, philosophical we should rather say)
In either case, to strive & thrive, we all need money.
However, deep down we all know that we need more than “making both ends meet.” For some, there is children’s education that requires to be taken care of. For some, a decent home and car are other liabilities that add up to the expenses followed by the requirement of funds during unexpected medical emergencies, for EMIs and loan settlements, etc. to begin with.
Thus a comfortable retirement is an indispensable aspect that demands savings from an early phase of your salaried life.
Even for those who comfortably meet all these expenses, it is always an added advantage with a second income. After all, it gives you additional financial assistance to splurge on your wants, and sometimes, it is okay to indulge yourself in a little luxury. Are we wrong?
However, when your expenses are rising and bank accounts are dwindling, making money while you sleep is the only option to get rid of financial woes.
A passive income is a great idea but the not-so-great alternative is the stereotypical suggestion of “getting a part-time job.” Don’t worry; we are not going to suggest anything for which you don’t have time and energy to pull extra hours apart from your job.
We have compiled a few options that will give you a second income without any effort. Always remember – a stitch in time saves nine. So, let’s see what the ideas are.
There may be one hundred and one ways to grow your money but nothing can beat investment which was referred to as, “the eighth wonder of the world” by Albert Einstein. What makes the investment so special is the power of compounding that allows investors to generate a good corpus over time without putting in considerable time and effort. Yes! You heard it right! All you have to do is to channelize your money to the right investment avenues and you can easily generate a bonus stream of income.
Diversify Your Investments
If you are already a smart and aware investor, we’d suggest diversifying your portfolio as much as you can. Just like you don’t wish to be solely dependent on a single 9-5 job; similarly, we would never wish you to bet the farm on a single investment plan. There are a dozen ways to diversify your investment, for example, purchasing ETFs, index funds or mutual funds, choosing investments with different return rates, etc. Some of these tricks can generate a real second income. Before this idea hits you, don’t miss the genuine money gyaan that all financial gurus never get tired of giving, i.e. understand the risks before you dive in. Seek financial advice from a professional if you are not sure about stocks and funds.
Aviva New Family Income Builder Plan
If you are planning for a guaranteed comfortable today and tomorrow, Aviva New Family Income Builder is for you. A savings cum protection oriented traditional life insurance plan, it has been specially designed to offer financial assistance in the form of guaranteed* returns in the form of annual cash inflow. The best part is the policy ensures that the financial condition of the families of the policyholder is protected in any unfortunate event. We understand your desire for protecting your loved ones in unforeseen circumstances, and this plan serves as an efficient financial tool to not only garner a second income but also expand the safety net around your loved ones.
It is a no brainer that keeping your savings undisturbed in your bank account is not going to offer you much interest. Smartness lies in letting it multiply and grow with the magic of compounding. When money is put to the right resources, it yields lucrative returns. It could be SIPs (systematic investment plans), shares, mutual funds, stocks or other schemes. Thereby, avoid placing all your eggs in the same basket. Either gain some expertise on investment or take help of a financial expert.
Invest In Rental Property
You might hate becoming a landlord, but the fact is - it comes with huge benefits. If investing in real estate is already in your mind, you can ensure a steady cash flow through it. Though you must be prepared to manage the property and deal with tenants and their issues, a fully rented and established property hardly ever comes with a fuss. You just need to buy a smart property that can provide you with a good return. If you are focused solely on earning passive income, you can consider investing in commercial real estate. For a more hands-on approach, you can rent out your vacation home, house, apartment or even a single room to earn passively and consistently.
Apart from the alternatives mentioned above, there are some more ways that deserve to be mentioned. You can write an e-book and produce a passive revenue stream for years. Of course, it will be a lot of work upfront but the reward would be worth the pain. Another great way is to leverage the sharing economy and earn extra bucks every month. You can do this by carpooling, renting out your bike or vehicle, renting out your spare basement and so on. If you are a passionate photographer, you can put your photographs on the web and can earn a decent income. There are multiple photography websites that give you a platform to sell photographs. Credit cards are another amazing way to earn cash-back rewards ranging from 1% - 5% of the amount spent. You would be spending the same amount by cash or online payment, right? Once you become mindful of collecting reward points, you can make good money without any added effort.
Passive income can work for you even if you have zero time to spare. While these tips might take some funding to get started, you will continue to earn money long after you have put them in the right avenues. There is no dearth of opportunities. The only thing that matters is to pick up the right resource that suits you. Good luck!
*Guaranteed benefits are available only if all due premiums are paid