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Why You Need a Second Stream of Income

by Andrea Polk |

PROTECT YOUR FINANCES AND BUILD YOUR FUTURE WITH MORE FUNDS 

We’re living in the age of the gig economy, in which nearly 57 million Americans take on a series of one-off jobs to pay the bills.  Some of these workers are freelancers who prefer the freedom of gigs to 9-5 work culture. Others are supplementing their regular income to accomplish goals like paying off credit card debt or saving for dream trips.  The latter group has recognized the value in creating a second stream of income.

Today’s economy is uncertain, due to global unrest, major shifts in business and consumer behaviors, and the looming threat of a recession.  A second stream of income can help you mitigate unforeseen risks, and it can give you the confidence to move forward when you fall upon rough times.

A SECOND INCOME STREAM CAN ALSO: 

  • Help you increase your wealth
  • Build up emergency funds
  • Pay down debt or student loans
  • Make large purchases (i.e. homes, trip packages, etc.)
  • Plan for retirement

With a regular inflow of more cash, you can stretch your money further.  But how do you do it?

COMMON SECOND STREAMS OF INCOME 

The idea here is to generate income in a way that doesn’t distract from your day job.  You want to pad your pockets, but you don’t want to be so involved that you lose your main source of employment and have to depend on your secondary income.  Some of the most popular ways to do this are:

  • Investing: Diversify your portfolio with smart bets. It’s a passive way to grow your income, as long as you know what you’re doing.  If you’re a novice, work with a financial advisor to make informed decisions.
  • Selling a skill: Take your core skillset and use it to find work afterhours. For example, if you work at a PR agency, consider picking up press release writing for independent clients in your free time.
  • Buying property: Real estate purchases can serve as another passive way to grow your income, provided you do your research about the market and select properties with rising values. Also, keep in mind that this is a long game.
  • Creating a product: Start that passion project you’ve always dreamed of.  Your evening or weekend hobby could become a viable business if your idea is strong.

Gone are the days of the second job.  Generating extra income means being strategic and using a combination of savvy and research to uncover hidden moneymaking opportunities.