Given the currently unstable financial outlook owing to the COVID-19 pandemic, securing a secondary income source makes a lot of sense. Few of us can honestly say that a little extra money would not go a long way to making life easier.
The cost of living has increased in the last year, and even those who still have their jobs are struggling to make ends meet. Here are some reasons that you should consider finding a secondary source of income online:
If we cannot find any other silver lining to our new normal, at least consider how many services have moved online to accommodate movement restrictions. For example, several states have legalized sports betting online. You can bet on several sporting disciplines, ranging from golf to horse racing and everything in between.
Companies are also seeking freelance workers as they cannot afford full-time employees. This includes digital and social media marketing experts, content writers, and bookkeepers. If you have these skills, you can ply your trade from home and interact with companies worldwide.
Passive income earners
After an initial time and money investment, you can reap the rewards of passive income. This is a job function that requires minimal additional work on your part. The most common example of this is publishing an e-book that people can buy and download. With the entire process automated, all you need to do is ensure that your website runs optimally and then watch the income flow into your bank account.
Another effective passive income earner is an online course. There is currently a big market for on-demand short courses that deal with specific issues. Therefore, people will happily purchase a course that deals exclusively with Facebook marketing instead of doing prolonged studies in marketing.
An unreliable job market
The economic instability that followed the outbreak of COVID-19 saw millions lose their jobs and register for unemployment within weeks. Several businesses have closed their doors forever, rendering reemployment impossible. Even companies that remained open are not functioning at full capacity, so people must work shorter hours or take voluntary pay cuts to keep the business open.
Even though the pandemic’s potential end may be in sight, it will take the world economy years to recover to pre-COVID capacity. This means that people will settle for a reduced income to remain employed, and a secondary income to pad their earnings will be more than welcome.
A secondary income should not necessarily be absorbed into your monthly budget if you can help it. Instead, it would be best to plow it into savings and other investments. This will secure your future, enabling you to fund your children’s college education and a comfortable retirement for your golden years.
Financial emergencies crop up when they are least needed or expected. Having some savings at your disposal can make these crises easier to overcome without resorting to loans and credit cards to tide you over.
A legacy for your children
By the time your children graduate from college, the job market may still not accommodate a glut of would-be employees competing for limited placements. If you turn your secondary income source into a business, it will offer your kids a safety net and an assurance of employment and a sustainable economic future.
Making them part of your secondary income source from an early age will make them emotionally invested in continuing what you started. The more they know, the easier it will be for them to take over the reins. This legacy will be to their advantage and to that of generations of your family to come.