Second Stream of Income: Getting Started and Where to Look
Having more than one stream of income holds a whole lot of benefits.
If there’s one lesson this pandemic has taught us, it’s that jobs and businesses can be fragile.Â
The response of almost every government around the world to COVID-19 has surely taken its toll on our businesses and while our economy is gradually getting back up on its feet, this doesn’t ensure us our jobs and businesses complete protection in the case of another recession such as this.
So, it is best to be prepared with multiple streams of income to keep you backed up in case one of them crashes down, God forbid.
But before you go jumping into figuring out how to start-up your next stream of income, it is only practical that you consider these three overriding points:
Time
This is a common thing to neglect to keep in mind when looking to set up a new stream of income.
Do you have time to dedicate to your new supply of income? What are some things that take up most of your time? Do you think you can give up some of those activities that are less important to make room for your secondary source of income?
A lot of people jump right in head first, not recognizing that all of this will come at the cost of time, no matter the type of income source you’re looking to setup.
Some sources of income will cost less time while others will cost more. Some will have a better ROT (Return On Your Time) whereas others may have less.Â
Are you willing to add another 8 hours a day for your secondary source of income, doubling your current work time? It may seem hard to think about it now, but in the long run, it might turn out to actually be quite worth it.
So take some time to pause and think about it. Discern within yourself how much time you have to sacrifice. Do you have 8 hours a day? Or 4? Or only 1 hour a day? Write it down. It is important to know and keep at the front of your mind while making your decisions. This leads us to our next point:
Sacrifice
Every successful stream of income comes with some sacrifice. There will come a time where you will have to make a decision, whether you will give something up like your own comfort, a personal hobby, time (which we’ve mentioned above), or even pride.
Yes, there will be times you will have to lower your pride, which is something we humans have a hard time letting go of. You will come across a situation where you will have to set aside your ego and ask help from others, whether that’s monetary support, physical labor, or asking “stupid” questions to “smart” people to try and solve a problem, or anything in between.
What are some things you think are worth sacrificing for your second stream of income? Think about it and prepare to build up the strength to let it go.
On the other hand, it’s also important that you think about what you would absolutely not be willing to sacrifice. Write it down and keep it somewhere close. This way when the day comes that you are asked to sacrifice that thing you can remember what is most important.
Passive or Active
One other thing to ask yourself as you seek a second stream of income is, what kind are you looking for? Are you looking for a passive or active stream of income?
Active income pertains to income obtained by actively performing services. It typically takes up your time and energy. Passive income pertains to earnings received from work that doesn’t require any physical involvement. It is income that is income that is created whether you are actively participating or not.
Most people dream of having their second stream of income to be passive, not realizing there are still some things to look out for when dabbling into this type of income.
The thing is, each type of income comes with its own expense. Seeking towards getting a passive stream of income may require you a different set of objectives as compared to that of the active income, which may or may not be suitable for what you hoped.
Passive income will often take time to grow. It won’t happen overnight as compared to active income where you put in 8 extra hours of work and you are immediately paid for those 8 hours.
Bottom line is that it’s always good to think ahead, it prepares you for what you will possibly have to face. It will make it easier to make decisions on where you want to come up with your second stream of income.
With all that said, here are just a few ways you can add to your current stream of income:
Get Another Job
Getting multiple jobs at a time can be difficult, but for some, it can be easy. This, of course, depends on numerous factors. There are certain things to consider and questions you need to ask yourself before you go and pursue a second line of work such as, “do you have this certain skill set?” or “what is your educational background?”
Often a second job will be during odd hours and may not be as well paying as a “professional” job, but may provide that extra boost you are looking for.
This is obviously a more active way to earn money and will come at the cost and sacrifice of your time. But as we mentioned above this is a simpler and quicker way to earn money for the effort you put in.
Start Investing
Investing is a great way to prepare you for the long-run; you can invest in realty, insurance, dividends and stocks, and so-on.
Before you invest in something, do some research on where you plan to invest. There are multiple companies worth investing in, it just takes a little bit of hard-looking to find the right ones.
Start an Online Business
It’s all the rage these days. Since the pandemic, a lot of physical stores and restaurants had to shut down and we had to suffer a lockdown. Thankfully this all happened during the era of the internet, making the process of setting up an online store as easy as 1-2-3.
People have even looked to Facebook Marketplace, GoDaddy, and even Craigslist to set up their own online business selling the things their passionate about.
Stream or Upload Content
Thanks to media sites like Youtube, Twitch, and Tiktok, you can make money out of your own hobbies and interests.
We all know by now that people have become celebrities and millionaires only through Youtube and Twitch.Â
And all it really takes to get started is a desire to create and the motivation to keep pushing through.
Part-Time Freelance
Whether you’re a writer, a graphic designer, or a voice actor; finding a freelance part-time job is easy and we highly recommend you give it a try to include it as your second source of income.
Websites like Upwork, LinkedIn, Fiverr, and VoiceBunny are great platforms when it comes to freelancing.
Rent Your Properties
Is your car just sitting idly by? Suffering from a cluttered garage? Do you have a summer home you currently haven't gotten the time to get to? Renting out your personal properties is another great addition to your multiple streams of income.
Property rentals are an example of a passive income, not having to actively perform in any way but to just passively allow the cash to flow in.
Consider renting your things with us at My Garage Rentals, we allow you to rent out almost anything, just make sure that others will find it useful to rent. Whether that’s your appliance, tools, camera gear, or even your clothing, you can enlist it for rent at My Garage Rentals.
Head on over to www.MyGarageRentals.com today to find out more and avail of our services.





