The second source of income should be planned in good times. Learn 6 ways to create a second source of income.
In the past few months, most readers have been asking how to overcome the economic recession. Salary cuts and unemployment are common themes in the news. The only solution to overcome the economic downturn is to create a second income.
We agree that the only constant in life is change. The good times never last forever, and the bad times are the same. The biggest mistake is thinking that good times will last forever and bad times will never come. The best financial planning is when we prepare for the bad times during the good times.
It sounds philosophical, but unfortunately, this is the harsh reality of today. The second source of income is the backing during the economic downturn, or we can say that it is a blessing in disguise. The second source of income should be planned in good times.
Although it is not easy to generate a second source of income, it is not impossible. Let us find 5 ways to create a second source of income.
6 Ways to Create a Second Source Of Income
It covers rental income (real estate) or interest income (bank deposits). Although it is most suitable for retirement planning, it can also be used as a second source of income during work.
The biggest problem is how to determine the target of the second source of income. Quite simply, if your monthly expenses are 50k, and residential property can generate 25k rent, then you need 3 residential units, one for yourself and two for the second source of income.
If you invest in bank deposits, then with a 10% return on investment, you need to have at least 6 million to recover your monthly expenses of 50k. In this case, the monthly interest income is basically the second income.
Make your Account On Quora
Quora is the most popular web-based question and answer platform with over 500 million monthly users and is always on the top of the roll. Quora is the orthodox place for Internet users to ask their questions and the Quora community to provide their answers.
There is no direct monetization for your responses through Quora and Quora does not pay you for writing, but you can use some of the methods to earn $$$.
You can earn money by using Quora properly. Like you can create your account on Quora, after that you create a Quora space, through which you can earn money. You have to create content on your own, you can also share other posts on your space. Along with answering people’s questions, you can also ask questions in it. This is what you have to give daily 3 to 4 hours on quora.
This will keep your followers growing. And you will also be able to monetize your content, so that whatever subscription you take, you will get money through it. You can also set your subscription price according to you.
Freelance is synonymous with journalism, but believe me, it is a very large industry. Freelancers are full-time occupations for many professionals. In its infancy, freelance is not a high-paying job.
From a positive perspective, if you start today, then you will have the first mover advantage. Freelance jobs are available in various fields. One of the websites that specializes in freelancing is Freelancer.com.
Education is a sector completely unaffected by the economic downturn. Education work has many opportunities to earn a second income. You can work part-time or on weekends. It’s the same everywhere in the world, and there is also a demand for online tutors. As an online tutor, you can earn a good income.
E-commerce is taking off. A friend of mine runs an online store to get a second income and easily earns $1500-$2000 a month. You don’t need a huge investment to open your store. In addition to eBay, you can also easily create your own e-commerce website.
Shopify is also popular in online stores recently. Shopify is the leading e-commerce platform and provides ready-made solutions to launch e-commerce stores, that is, no website design is required.
Recommended To Read: 11 Most Common Reasons For Online Store Failure
Write a Blog
Last but not least blog. To become a successful blogger, writing requires a lot of patience, skills, knowledge and talent. In addition to basic skills, you also need expertise in SEO and SEM to increase blog traffic.
Recommended To Read: 11 Ways To Increase Organic Traffic: Online Shop Teaching
For successful bloggers, blogging is a full-time source of income. Although this place is full of imitators, believe me, creativity is worth rewarding. Bloggers earn income through content writing, referral programs, advertising, and consulting.
Even business companies have realized the importance of social media influence, and blogs are considered the best way to increase website traffic and customer engagement. In fact, many commercial companies have already started hiring full-time bloggers.
You can choose any of the above fields to create a second source of income based on your skill set. There is no shortage of opportunities, the only important thing is to find the right opportunity for you.
There are no shortcuts to success, but you must start at a certain point. A recession can delay your career by 5 years, but with proper planning, you can minimize its impact and remember that bad times will not last forever.
Recommended To Read: How To Write a Blog Post Fast? 5 SEO Tips To Write Blog Post
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