Why do you Need to have a Second Source of Income?

This is an age where nobody stops for anybody. The iconic line from the Amir Khan starrer ‘3 Idiots’, “Life ek race hai, tez nahi bhagoge to koi tumhe kuchhal ke age nikal jaega.” (Life is a race, if you don’t run fast, someone would trample you to go ahead.) There is cut-throat competition in each and every field, be at academic, research-oriented or technical. You cannot concede even an inch as there are millions waiting behind you in the queue to replace you. But conceding ground doesn’t always remain in your hand, a lot of external factor have a major role to play in the matter. So it is always handy to have a second steady source of income.

Although once frowned by society, this trend has increasingly started to become the norm as the global populace started responding to the intense race for jobs. Let us look at some crucial reasons which have led today’s generation to look for an alternative source of income.

Rising health care costs:

Due to delving of the multi-billionaire conglomerates into the words of medicine, the cost for life-saving drugs has been on the rise constantly. And due to the rise in the cost of drugs, surgeries and other medical procedures have also increased significantly in their costs as all these procedures are heavily reliant on drugs. So to battle this situation, one should keep a second source of income which would make for a nifty failsafe in case of a medical emergency. And let’s face it the world is a hazardous place to live in.

Educational purposes:

No matter how good the scholarship is, there are very few scholarships as of today which completely take care of all the expenses incurred by a student. So chances are if you are on a scholarship, you still find it pretty difficult to make two ends meet. This is exactly why a second form of income is necessary. And if you are a parent who has kids who are of the school going or the college-going age, then it is all the more important to have a secondary source of income as in this profit-oriented schooling system, the cost of quality education is rising leaps and bounds. 

Low job security:

The intense competition for places means that automatically the job security would be less. You always have to look over your back whether someone gets better than you at your job as major corporations would not even blink an eye before replacing you instantly. So this continuous stress can be alleviated to a large extent by having a secondary source of income which generates a security of you knowing that you have a back up to support yourself if push comes to shove. This sense of security would help you function better at work.

Have a sustainable holiday fund:

Holidays nowadays are seemingly reserved only for hotshot bosses and CEOs and high ranking officials. In other words, it has become a fashion for the apex predators of the job pyramid while the lower strata toil to take even a day off without accepting some sort of economic loss. Thus a sustainable holiday fund that would be generated by your secondary income would ensure that the loss incurred during your holiday fund doesn’t affect your deserved leisure. 

You can afford risks:

Taking a risk in professional life is essentially a gamble where in place of just money, you keep both your money and career at stake. This is precisely why nobody takes risks in their careers. But then again no risk, no gain. This is exactly why a secondary source of income is necessary which would allow you to take calculated risks and if you play your cards right you may just stumble onto the treasure of Alibaba and the forty thieves. 

What are some options for secondary income?

Trading and brokering:

If you have a very basic knowledge of how trading works and are willing to take calculated small scale risks, then trading and brokering is the correct choice for you. And especially with the advent of trustworthy trading and brokering companies like CFD-Trader, trading is easier than it was ever before. Plus if you get the hang of it there is a great chance that trading would procure more money for you than your primary vocation. It all depends on your choices. 

Freelance writes:

If you are good with words and need a secondary source of income, it is always an option to become a freelance writer. From content writing to freelance blogging, everything is your field. As you keep putting out good content, a plethora of companies and websites would be vying for your services as everybody wants to have a writer who can put pen to paper to explain perfectly what the company or website is about and what it stands for. 

Taking paid surveys:

This is the easiest of the lot and that also means that this has the most abundance of scammers. So make sure if you do want to take a survey and get paid for it, do it through a website or company which is acclaimed and tested. 

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