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When we do our Higher studies or graduation/Post-graduation or Thesis(Phd.) we do so with an intention to be a specialist in certain stream. We then join an Organization or an Institution and start working there.
Sometimes and some of us have very good times here- good salaries, incentives and good yearly raises. Some of us change our jobs frequently and get good hikes in switching.
Yet many of us even after switching and putting up a lot of effort have struggle in meeting our daily expenses- especially for our families and education and health.
At times, one even feels despaired as to why so much studies and efforts are not yielding results.
Thus arises the need for a second income source.
We get to hear and listen to people switching to newer careers and making much more money. Some make great money in blogging, some in Network Marketing and some start their other ventures like shopkeeping or Trading.
Yet, such examples are fewer. There are many who take risks and when they fail, especially in India where survival after huge debts in business is tough due to existing social and economic setups, find it very difficult.
I am not saying that one ought not try but generating a regular second income source is quite tough but is needed too.
1)Trading regularly in shares and Mutual funds.
2)Making money by SEO techniques and with blogging and/or writing Offline/Online.
3)Entering Network Marketing and making big Pyramids or adding layers- this looks fabulous but I had a limited foray into it and it is good only for very socially savvy people. Even extroverts might not fully succeed in this.
4)Setting up shops and starting some sort of Trading- these are good but need a good working capital
What one can also do is to tie up with someone and start something.
There are pros and cons in the things I mentioned but one has to start into something, else for many of us surviving with just one income stream is way way tough now a days.
What do you say?
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With regret, I started my making money online adventures late. Because I had a job with a steady paycheck, I did not think to explore this avenue. Also my exposure and access to the Internet was very limited. All that has changed and I am very grateful that there are opportunities for people to work at home, while looking for employment and don't feel as though their days are full of idleness and wasted time that can never be recouped. Have not yet found a job outside the home but I wake up each knowing that I have something I can do in the interim. If I ever get a regular 9 to 5 job again, I will still continue my online efforts. Why stop?? It's an income stream.
@cmoneyspinner Indeed, one needs to keep their earning options open, even in changing circumstances.
After 40, it is difficult to get a job, so it is advisable to develop a second source of income.
@pcwork Indeed even for those below 40 years of age, a second source of income is becoming a necessity.
@bestwriter but not everyone can risk leaving his or her first job and trying another thing fully.
@ksp Mutual funds and shares are good opions, but yes some risk is involved. And I have not tried into derivatives, future and options- the more complex stock market streams.
Trading in shares and mutual funds are some what not easy and lucrative for all, trading in shares or Forex also involves huge investments and danger in trading. Pyramid marketing is always not recommendable lot of MLM schemes were failed and I too have lost some money. Doing business in these days is not suggestible, business requires lot of infrastructure like, building/ premesis, furniture, sales staff, maintenance expenditure, marketing and investment due to heavy completion in every bususiness profit is not quarantine. The only source for extra money is online, if we are expert in computers and knowledge about technology then only one can make money
There is no limit for the adventurous so to say. Keeping aptitude in one's mind sky is the limit. For me it was not a second source but I gave up my 9 to 5 job and started a business designing and executing landscaped gardens. It was successful and fulfilling.
I wish I can have more income sources. The only thing that I can do is to write on writing sites. At this point of time, I also do online teaching and there is no enough time. I am looking forward to have the best source of income.
There is probably no passive income that is more perfect than earning interest on safe investments, such as U.S. Treasury securities and bank certificates of deposit. The problem of course is that those instruments pay paltry returns – generally less than 1%. It may be passive income at its finest, but you’ll never be able to relax or retire on returns that are that low.
Now let’s be clear on one point: those high rates do come at a cost. Unlike bank investments, Lending Club loans can go bad, in which case you will lose principal. However, there are ways to minimize those potential losses.
I talked to a LendingClub adviser and they recommend starting out with an initial deposit of $2500. Since you can invest as little as $25 in a single loan, you can actually buy into 100 different loans with a deposit of that level. So you don’t have to worry about a single loan going bad and ruining your investment.
Despite the risk of default, it’s very likely that you will earn far more on your investments at Lending Club than you will at a bank and I have averages just under 9% during the eight years I have been investing with them.