“Never depend on a single income. Make investment to create a second source”. Do you know who said this line?
It is said by Warren Buffet (world richest man). He believes that if you are running on singletrack, then one day you might lose your control. It is very important to have the second track so that you can use that to make balance.
Suppose you are doing a regular job, earning a quite good amount of money and spending a happy life. But unfortunately, one day you get a termination letter because of various reasons and eventually you lost your job. In that scenario, managing everything such as household expenses and children’s education fees becomes a challenge for you.
Imagine how easy is for you to manage both unexpected and expected expenditure IF you have the second source of income.
Though it is not too late!
You still have time to control your situation. It may happen that you do not have any idea about those PASSIVE INCOMES. You do not have to anxious about it because here, in this blog, we have shared some unheard reactive income ideas. Let’s have a look at them…
1) Start investing with Robo adviser
Many times people want to invest in something but due to lack of knowledge they back off. But the investment is the best way to earn a good amount in a very short period. Many wealthy personalities take help from experts during investment. For common man, affording fees of such experts is not possible.
You do not have to give up because nowadays technology is rising rigorously. Now, you can invest your money with the help of a Robo adviser. These are not as expensive as living advisers; you can easily afford them with your earning. All you have to do is to tell them your ultimate goals and bit about yourself and the rest of them will be taken care of by them.
2) Invest in real estate
There is one traditional way to generate income if you own a house. You can put that on rent and earn a good amount of money OR you can buy a house. But there is one problem that is you have to pay a lot of upfront funds to build it.
You have an alternative that is investing in real estate crowdfunding. In this, you are not the only one who will put your money but with you, many other people will fund that house or apartment. In this way, you do not have to spend thousands of pounds to build it and still, you will earn some cash.
3) You can sell your photos
You might be surprised that your clicked photos may generate money for you. If you are a person who loves photography, then you can sell them too many online platforms such as Shutterstock. If they like your photos and they find some uniqueness in it, then you will be paid for it.
4)Put your car to generate some extra bucks
Nowadays, if you own two cars but you use only one of them, then renting may be a far better option than selling it because with time, the price of car or any other vehicle depreciates and it is impossible to sell that car on the market price.
It would be a better option if you put that vehicle aside. It is not necessary that it should be a car, you can use a bike too. You cannot imagine that you can generate thousands of dollars each year. You can either choose a local way or use an online application to put your vehicle on rent.
5) Start an e-commerce website
This one is quite different from other sources of income because you have to put a lot of effort to raise your site. But once you are able to stand it, you can earn in millions. There is one reason behind this six-figure digit i.e. this business provides product 24 by 7. This facilitates a person to buy stuff at anytime and anywhere.
You may require some funds to start a business, though, you do not have to worry because there are several options such as:
1. Venture capital
2. Get funding from business incubators and accelerator
3. You can opt for borrowing such as no guarantor loans where you can borrow money according to your need.
You can see the different ways of earning which can help in the long term as well short term. And with that, you can receive multiple benefits such as you can pay your debt faster or you can achieve your dream faster.