ABC Home
Loans
Investments
Insurance
Payments
Download ABCD

Experience finance made simple on the new ABCD app!

Scan to Download the App

Playstore Appstore
1800-270-7000

Aditya Birla Sun Life AMC Limited

Aditya Birla Sun Life AMC Limited

    Our Menu
    Invest with Us
    Metaverse

    Aditya Birla Sun Life AMC Limited

    Your Guide To Earning A Second Income

    Mar 06, 2019
    5 mins | Views 4521

    In today’s time relying solely on one income might not help you fulfil your dreams and achieve your financial goals. Just as you need to diversify your investments for better returns, you also need to diversify your income sources so as to not be dependent on one source of income. Whether you wish to create long-term wealth, plan your retirement or quite simply looking to alleviate the financial stress in your life, creating another source of income apart from your primary income can be a powerful way to boost your financial well being.

    However, the biggest challenge is how you create a second source of income especially now where you are already slogging huge hours in a day in your current job. While generating multiple sources of income may look like a herculean task, but with proper planning and perseverance,you can actually generate a second income without having to put in too much.

    Here is a quick guide for creating a second income stream for yourself:

    • Start your own blog

      One of the most popular ways to earn money is by starting your own blog. Irrespective of how many people read your blog, the effort you need to put in creating content will be the same. So, even if you do not make money immediately, with time as the viewership of your blog increases, you will begin to start earning money gradually for your content. Once your blog is popular you can earn money from ads, sponsored content, selling products, etc.

    • Affiliate and referral marketing

      You can earn commission income by promoting products of a company online through affiliate marketing or by providing a referral to the company. Every time the company sells through you, you earn a fixed commission on the sale.

    • Invest in stocks of companies

      An investment made in stocks of various companies can provide you the opportunity of long-term wealth creation and can also provide you with a steady source of regular income. If you have knowledge and time to research, then you can consider investing in stocks of various companies, but do remember investing in stocks carry high risks also!

    • Invest in mutual funds

      If you are not very familiar with the stock markets and unsure of which companies to invest in you can always invest through the various mutual fund schemes. Depending on your risk profile and investment objective you can choose mutual fund schemes most suited to meet your investment needs. By opting for the dividend option, you can create a regular income from your mutual fund investments. Mutual fund schemes can be relatively safer and flexible investment option and can be one of the sources of passive income.

    • Make your hobby your side business

      If there is any hobby you are passionate about you can always use it to earn some extra income in your spare time. If you are passionate about photography, you can use this hobby for income by creating memories for others. This is one of the most rewarding choices not only because it provides you with an opportunity to earn from what you are passionate about. You can also take classes for the same. There are many people who take classes for cooking, drawing, dance, etc. for a few hours each day or over the weekend and make a good side income.

    • Become a tutor or trainer

      If you have any inclination towards teaching then you can use your teaching skills to earn extra income by taking tuitions at home. You can conduct guest lectures and training in various institutes and colleges if you are looking at a more structured platform.

    • Create educational courses online

      If you are an expert in your domain, you can create educational courses and sell them online and earn money every time some new user registers for your course.

    Having a secondary income can be a great boon for your financial well being in the long-run. And for those who do not have sufficient time in hand to do anything else, you can always look at investing in financial assets like mutual funds, stocks and create a portfolio where your assets would earn for you.

    Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

    Add to Wishlist
    Rate this
    Rate this Article
    Leave a comment
    Comment required
    Name Required
    Email ID required
    SUBMIT COMMENT
    Load More

    blog_OurExpertOur Experts

    ToolAndCalculatorTools and Calculator

    eAssistance

    Give us a call on

    1800 270 7000 within India

    Get a call back

    RSSRSS News Feed

    blog_archives.pngArchives

    Please Select Month
    Please Select Year
    Close
    Hover to Zoom