What are the ways to earn secondary income

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Rajiv Verma (Querist)
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13 August 2021 Can you tell me how can i earn Passive income, earn passive income through online mode and Why secondary source of income is necessary.

Rajiv Verma

Rajiv Verma (Querist)
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13 August 2021 I got this answer of me from another source.

A lot has been said about generating fixed income besides your salary. There are at least a hundred different ways to diversify your income streams so that when the economy plunges further, you will have a diversified source of income to help you take care of your expenses.

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Generation of an alternate source of income is not as challenging as it sounds. All you need is to find out what interests you more and then begin to start working on it. It requires time and patience. Above all, it requires showing up every day. It simply means, once you start, make sure you find the reason to do it every day. It could be as simple as referring candidates to companies and earning a referral bonus or doing freelance photography, investing in inflation-linked bonds. Passive income is incredibly helpful. It increases your savings. You have the liberty to switch lanes and work on a different interest.

5 Best ideas to create a secondary source of income
1. Start affiliate marketing
The concept is easy to understand and start. Affiliate in simple terms means, you attach a product/company that you think your readers/visitors will be interested in and direct them to purchase those products. In return, the company pays you for upselling. The beauty of it is that it is not limited to just one company. You can sell products from multiple companies.

2. Angel Investing
It might sound absurd at first. A lot of people in their right minds don’t appreciate the fact that they have to invest in a company: rather, an idea that might take off in months to come. You trust a company when they don’t even have enough employees to qualify as a company, and wait for people to take notice of the idea and finally start acknowledging it. Angel investing is a hit or miss.

3. Property hosting
If you have an extra piece of land, house, room, or even a vehicle, you can think about renting it out to people/companies to earn a passive source of income monthly. Yes, it takes work; to entertain every caller, every visitor who is interested in renting your flat or vehicle. But, a widely known fact is that it is worth putting in all the effort.

4. Side hustle
This is not only important as far as income goes, but it also adds to your personality. We all have that one friend who was a gym addict and a workout enthusiast once and is now a part-time gym trainer. Like they say, One for the Kitchen, One for the Soul.

5. Invest in Stocks and debt instruments
Stocks and debt investments are two different things. One is risk-based and the other is stability-based. Meaning, stocks give you high returns, nevertheless, but debt investments are for risk-averse people who want their investment back after a period of time and are happy with the little interest they earn in the process.

There are several perks for investing in stocks and bonds. However, a thorough research is necessary on investor’s part while making any investment decisions. [BondsIndia] is one of the best platform for investing in fixed-income securities online. Create your BI account and start trading bonds and investing in IPOs. Have a level-headed watch on the market movements to decide your way forward for investments.

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