Well, Creating multiple sources of income will not only make you rich, but it also gives you high confidence to face any situations in life.
In case if you wish to switch job, this income may be useful to some extent to take of your expenses during the transition period.
Use your Idle Money / Emergency Cash to generate additional income every month
- Learn to Build Emergency cash– this will help you in all critical times without having to touch your long term savings
- Your Ilde money in bank account, how so ever small it may be must be kept in high yielding Low-risk Liquid funds
- read How to earn High Returns from your cash/ Bank Balance- Liquid Mutual fund is the Answer!
- Interest on such debt/liquid mutual funds will be around 7 to 8% compared to 3.5%in bank accounts
- This works well if done with discipline, without any effort.
You may like to read How to earn Rs. 1 Cr by investing just Rs. 1300 Per Month?
Convert your Hobbies into an additional income source
- This is one of the simple and best ways to create an additional income source
- If your hobby photography, you can create a page in social media and start bookings for functions like kids birthdays, minor party eves etc, most of them may celebrate on weekends or evening times, you can easily make it
- You can earn from the Youtube channel and start posting own videos on your favorite topics, tricks, movie reviews, stories etc and earn additional income
- If you love teaching take weekend /evening classes to students. this earns you a good amount of money and every month on regular basis. you can teach academics, Yoga, Fitness, Dance etc.
- If you are a fitness freak, you can start a gym/Yoga center which usually runs in early morning and evening
You may like to read Trending Business Ideas with High Profits
Create additional income from Property rent
- This is a No brainer If you are having a house/shop, you must consider renting them out.
- 30% of Houses in apartments are free these days, few may not give for rent due to less rent or listening to real estate brokers, but one must surely consider property rent as a regular source of additional income, you can reduce rental amount if you do not get a tenant
- If you are thinking of investing in a property, you can consider rental income as one of the additional income sources for repaying your part of EMI
You may like to know What is PMAY House Loan Interest Subsidy Scheme ? Check your Eligibility here
Rent a room in your Home to get additional income
- If you have a spare room in your Home, you can rent that room like a hotel through Airbnb portal.
- Airbnb is growing fast in India these days
- Rooms will be provided to guests on daily basis.
- You just have to list your Room with Airbnb, they will take care of marketing.
- Location of Home and maintenance of the property is key for more success.
- This is the best way to generate additional income without much of investment
Earn High interest by lending through P2P platform
- P2P ( Person to Person) platform is the latest model of giving and taking the loan for short term needs
- Many P2P platforms are available in India which is regulated by RBI, like i2ifunding etc.
- These platforms will do background verification of all borrowers before processing their loans These Loans can be taken very quickly.
- You can earn very high interest 20 to 40 % depending on the duration. Borrower pays you money as EMI on a monthly basis.
- since high risk is involved in this, I suggest trying with small amounts like Rs. 10,000/- or max Rs. 20,000/- depending on your risk apatite.
These are very few to get an idea for earning additional income from various sources, You can look for more options based on your area and location.