With the uncertainty in today’s world especially with the pandemic, it is always safer to have multiple sources of income. They help to safeguard against unexpected events such as a job loss. Additionally, it also provides peace of mind knowing that you have multiple sources to back you up at all times.
Below are top 5 ways in which you can generate additional sources of income outside your job:
- Identify your talents and start a side gig, e.g. if you have good writing skills, you can start freelancing jobs as a writer on popular sites such as Fiverr and Upwork
- Nowadays with sites such as Shopify and Baapstore, it is not very difficult to start a dropshipping business of your own. You may need to spend some initial effort on marketing but after that, your online store will start bringing regular income for you
- You can invest in popular P2P lending platforms such as Lendenclub, Faircent, etc. These will help to fetch you a steady source of income in the form of monthly EMIs
- You can invest in stocks that pay dividends throughout the year at regular intervals. Some examples of high dividend-paying stocks are Hindustan Zinc, TCS, Infosys, etc.
- You can also invest in REITs that will help to fetch steady income in the form of rent once every quarter. Read this article to know more about REITs.