Additional Income is something that people need the most to deal with the difficulty. While you may think that your day job is more than sufficient to pay the bills, you have to go deeper. If your day job doesn’t allow you to buy a few wants here and there or doesn’t give you extra to set aside for your savings, look for another income source.
Technology today has made it possible to have multiple income sources, without disrupting your 8 to 5 jobs. Flexible hours are possible, work-from-home arrangements, and passive income opportunities, too.
Additional Income Offers you job security
As mentioned, the pandemic should teach you that it’s not enough to have just one job and say that this gives you job security. Especially so if you’re working in an industry that’s considered non-essential. For example, the tourism industry has been hit hard that employees haven’t even gone back to work after six months. Many of these are now scrambling to find other job opportunities.
With multiple income streams, you don’t have to worry about this happening to you. When you lose your main job, you’ve still got a backup to get you by. Think of every job opportunity as a means to add money to your bank, and that’s how you can say you’ve got job security: through diversification by doing some easy and flexible jobs.
You have financial stability
One of the benefits that come with having multiple sources of income is that you’ll have financial stability. You don’t have to rely on one job to pay your bills as you can split your money towards savings, holiday or anything in-between.
For instance, you could be working as a full-time copywriter at an organisation but have a side hustle in social media marketing as extra income. By having skills in other areas that are similar to your line of work, it can help build your professional network as a freelancer. This could work to your benefit, especially if your intention at the end of the day is to be self-employed.
In the age of COVID-19, it’s important to have an emergency fund so you have buffer money to fall back on incase you’re made redundant or lose your job. By having one, you avoid the situation of taking out funds from your super or experiencing financial stress.
Have more savings
This one is a no brainer. If you can earn more income and spend the same amount, then you will be able to save more and invest more. Every little bit of extra money will bring you closer to financial independence, and everyone could use more savings and less debt.
Use your time more productively
In the past few years, I have learned quite a bit in the process of building up my online income. At first I did not even make minimum wage for the effort I put in, but I felt productive and learned a lot. I did work that was worthwhile and interesting to me.
Most people want to have some side income but never seriously pursue it because they are too comfortable with a steady paycheck and don’t have the motivation to do something extra outside of their regular jobs. Then there are others who simply do not know where to start. Here on Wise Bread there are many articles about making extra cash. For example, I have written about selling used books and writing online. The most important thing is to just start something, and maybe one day that side income will replace your full-time job entirely.
Rising living costs
The cost of living and inflation seems to be rising, except your salary. If you are unsatisfied with the salary from your main income or want more than the small raises you’re getting over the years, what better way than to supplement your income with a side hustle.
The opposite is true for the cost of living. The prices of key expenses like education, housing, and healthcare are rising faster. You’re paying extra; however, you’re not getting extra.
This situation is not going to alter anytime soon. It is sensible to seek out ways to boost your earnings wherever possible.
