HomeMoney & WealthA Second Income Source how and why?

A Second Income Source how and why?

second income

Do you think that your primary source of income is enough to fulfill your dream? If not you need second income source.  Another reason of having second source of income is to live risk free financial life. Opting for Second income source is like taking insurance policy.

Imagine the situation if you are dismissed from your job unexpectedly or all of sudden you made huge loss in your business. At this moment if you have second source of income it is easy for you to survive. Keeping only single source of income is like standing on single leg and ready to lose balance anytime.

So second source of income is must but million dollar question is how? So I am herewith simple Ideas of generating second source of income.

A Second Income Source Generation Ideas

Share Your Expertise

First idea for generating second income source is to earn money by sharing your expertise. All I mean is start something as per your expertise. Some example could be tuition class, drawing class, dance class, karate class, yoga or fitness class etc.

Sell your Creation

Second idea for generating second income source is sell your creation. If you are creative than money is waiting for you. Start small shop with creative items like customized t-shirt, show piece or house hold items. You can sell these stuff online even.

Start Service Business

Another idea is to start service business. Start providing service some examples are IT services, Electrical services, advertising service, bill payment service, match making service, catering service, tiffin service, baby sitting, data entry service, event organizing etc.

Also Explore: – 40 Small Business Ideas with low Investment

Online source of Income

If you are IT savvy than Internet money is waiting for you. Yes you can generate a good amount of money from internet.  Start website or blog and earn revenue through advertising network like google adsense, sell photographs or stuff online to earn money.

Here is 25 ideas of making money online.

Part Time Job or Profession

You can find out part-time job or profession for generation of second income source. Profession could be insurance advisor, real estate agent, interior decorator etc.

By Investment

Second source of income can be generated by making investment also. If you have surplus money you can invest in stock market, real estate or in other good investment avenues to generate second source of income.

Remember what warren buffet said “Never Depend on single source of income, make investment to create second source”.

So what do you think about these second income source do share your views!

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.