Apart from full time job, everyone should have a second income?

Question

I have some family members who have saved money and brought flat,house and given for rent, property that give us wealth etc. they all doing this apart from the daily job. Like this any suggestion 

Answer 1

Yes beside a job there should be another small business or income source as a backup to save money and buy what you need.

Job and working for others is not a forever job so some other work should be done.

Comments

I am not suggest to give away the salary job and to start business.  Alone with the job, some other side income which help us to save for kids.

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The year end bonus amount can be used to buy flat or house or land which will be get benefit in future by selling or has a second income which can used for education of kids,marriage or for building house,buying a car, property for kids other than buying high cost laptop and watches.

Answer 2

This will depend on you and your financial needs. If you are still at a young age and have many account payables most likely you will need a second job especially if your full-time job is not enough for your needs.Sometimes if you are not capable to have a second job due to health reasons there’s no choice but to stick with your full-time job and find other ways that can help you sustain your financial needs like asking for help from the government or other ways to help you.

Comments

It is not for account payable.  It is a asset for future and another source of income. These people had very paid job apart from this job they are having income from these all source. It will help in future and can be given to kids.

Answer 3

Investing in stocks bonds and mutual funds can be a great way to generate a second income. Real estate investing starting a side business or freelance work are also great ways to generate a second income. You could also look into peer to peer lending investing in cryptocurrencies or crowdfunding projects.

Answer 4

SECOND INCOME IS VERY ESSENTIAL IF YOU WANT TO BE FREE FROM YOUR MONEY. APART FROM YOUR JOB YOU CAN START A YOUTUBE CHANNEL, YOU CAN WORK AS A INFLUENCER ON INSTAGRAM AND ALSO YOU CAN RENT YOUR PROPERTIES. THIS WILL SURELY HELP YOU TO GENERATE A SECOND INCOME.

Answer 5

Establishing an additional revenue stream proves to be vital in achieving financial independence. The incorporation of a supplementary source of income contributes significantly to diversifying financial portfolios, thus fostering greater stability and resilience. This approach serves as a pragmatic strategy for enhancing one's financial security and reducing dependence on a singular income source.

Answer 6

I will definitely not advise a second job 

What I'll go for is to start up a business using the money I earn from my main hustle to grow the business to a stage whereby it can fund itself, then I'll quit the job.