Having a Second Source of Income is Always a Better Idea!
Why a Second Source of Income?
Why it is important to have a second source of Income, let me highlight the facts about second source of income. A second source of Income typically means having regular income from a source other than your primary one. This means, if you belong to a salaried class, you might want an income from some other source and if you are from a business class, you might want an income from some other business. You can be as creative as it gets.
A few situations where a second source of Income could go a long way to help pull you through difficult times.
• Losing a Job
• Crashing business
• Planning Investment
• Planning a family
• Crashing Investment
• EMIs (Car EMI, Home EMI, Personal loan EMI, etc.)
How much of second income is required?
Now, this is a question that can only be answered by you. A second source of income should ensure that you can carry-on your commitments after cutting down the extra expenses without depending on income come from your primary job.
We are all living in a world where we are constantly trying to chase our dreams, one day at a time. Improving our standard of living is something we all want for ourselves. We would much rather think of traveling to foreign countries, the latest car, luxurious homes to live in, quality education for our kids, etc. The list is frighteningly never-ending! We want to achieve all of these things and more, without really paying attention to affordability and our future financial goals. This often causes a disconnect between our present living conditions and our future planning. To sustain ourselves, we rely on EMIs (Car EMI, Home EMI, Personal loan EMI, etc.), we have multiple credit cards with various banks just to stay afloat. Instead of making our lives easier, EMIs end up making it more complicated and they take away our peace of mind too.
In such cases, a second source of income, would cushion our lives and provide much-needed succor.
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