Earn a secondary source of income: Essential tips
With the ongoing pandemic and the instability seen in the job market, looking for a side income can help you secure your emergency fund. Whatever may be your motivation, trying to make an income from the comfort of your own couch can be way easier than it seems.
There are several side hustles that you can take up. Here are some ideas on how you can earn a secondary source of income from your home.
Invest in stocks
You may have heard your relatives discuss the rise and fall of the stock market. Although it might seem out of the ordinary to see someone be so interested in the financial state of another company, you can earn well by investing in their shares from the comfort of your home.
All you would have to do is identify a safe and stable company to invest in, get in touch with a stockbroker, and then sit back and watch your money grow. However, you have to be very careful with choosing the right company to invest in and keep an eye on the rise and fall in prices.
When considering selling, ensure to sell your stock at the best-suited time to make the most of your secondary source of income.
Take online surveys
As untrue as it may sound, there are many companies that would pay you to take online surveys. All you have to do is create a profile for yourself that would be in tune with the type of consumers that they aim to target. It would help the company develop its marketing strategy or product design based on the survey answers that you provide.
You can get paid via cash, cheque, PayPal, or even through gift cards and reward points. Before you sign up to undertake surveys, it is important that you verify and ensure the authenticity of the website and the company.
You can apply to multiple websites and since taking surveys does not take a lot of time, you can complete multiple surveys in a short span of time and earn for every survey.
Invest in property
If you own a property that you do not use, you can rent it to tenants or list it on Airbnb. This would provide you with a steady secondary source of income every month, without you having to even lift a finger. You can invest in multiple properties and generate income from multiple secondary sources.
In case you do not have any property to rent out or do not wish to risk buying a property, you can invest in Real Estate Investment Trusts (REITs). Investing in REITs is similar to investing in the stock market, and this ensures that you receive a high-yield return.
If you have a flair for writing and have expertise in a particular field, you can apply to become a freelance writer. You will be able to earn money for every article that you write.
Many companies hire content writers to help them publish content on their websites on a regular basis. Keep an eye out for openings, and you can apply to be a content writer.
All you would need is a laptop and a steady internet connection to help you submit your work on time and each month you can earn a decent amount of money very easily as a part of your secondary source of income.
Sell your designs online
If you are using your time in quarantine to create things, you can consider selling them online. Websites such as Etsy can help you post your designs to your own, personal online store.
With a rise in demand for handmade, creative, and organic products, you can slowly start advertising your designs and products using social media audiences and start selling to generate your secondary source of income.
If you have any items that you would not use and are in a good condition, selling them on websites such as eBay, Craigslist, and OLX would help you earn some extra cash that can be beneficial for your emergency funds.
Although creating and maintaining a side hustle can be a slow process, staying determined and continuing on your journey can help you turn your hobby into a credible side income.
Frequently asked questions
1. What are secondary sources of income?
- A secondary source of income can be considered to be a side hustle or an investment that one makes while having a primary source of income.
2. How much can I earn from a secondary source of income?
- While one can undertake several kinds of secondary sources of income, the remuneration can range between $50 a month to $1,000 a month.
3. What are the different streams of income?
Different streams of income can be enumerated as follows:
- Earned Income
- Profit Income
- Interest Income
- Dividend Income
- Rental Income
4. How can I earn secondary income while working full-time?
- You can still earn a secondary income while working full-time by investing in stocks and REITs. You can also take up freelancing activities that help you maintain a flexible schedule without having to take up too much work.
5. How beneficial is it beneficial to have a secondary source of income?
- Having a secondary source of income can elevate your savings rate as well as your investing rate. Even if you have a salaried job, having a secondary source of income can also give you a sense of stability as well as the opportunity for wealth creation.