Urban lives are not just hectic but fraught with endless personal and professional responsibilities. Amidst a slowing economy, an uncertain job market etc, managing such a life can come with a lot of stress. Especially with daily worries such as unexpected expenses, financial needs and goals (career, education as well as kids’ marriages) or fulfilling living aspirations (like buying a house/heading for holidays), being ready for emergencies, building a retirement fund and so on and so forth.
A regular job or small businesses may not be enough to help you build the fortune you want to have a secure life. Building multiple streams of income is, therefore, being seen as the best way to minimize reliance on a single source of income and accumulate wealth to sustain your needs, wants and desires comfortably. There are several ways to do this, for instance, by taking up freelance jobs or starting a side hustle, parking money in real estate, building SIPs etc.
Let’s delve deeper into each of these:
Freelance jobs are often chosen as per your subject matter expertise. They come with flexible timings and work schedules and allow you to earn extra bucks. Another way is to start a side hustle. Identify your passion, learn how you can monetise it, spare some time from your schedule and start the project alongside your job. An example in this regard is content creation in your area of interest. A big area that can be monetised, and has led to the rise of a whole influencer community.
Real estate is one of the oldest investment options people resort to depending on the market situation and one’s financial situation. It usually means buying-selling properties and reinvesting the profits or utilizing the purchased properties for PGs/rentals. It could also mean investing in commercial properties that assure guaranteed returns. The goal of this investment is to put your money to work today so it can reap you additional income in the future.
Keeping savings in a bank account doesn’t fetch you high returns. For the same reason, several people prefer making equity investments. It could be in mutual funds, shares, SIPs, all investment modes that throw back good returns over the long term. The trick followed here is never to place all your eggs in one basket, instead calculate the risk factor and diversify the portfolio for maximum benefit.
Yet another income source that is fast emerging as a preferred option for earning additional money is Trading. It can be done online and mostly thrives on predictions. Owing to the fact that decisions are made on consultations with others and are based on speculations, to stay in the race with viable earnings involves a lot of risk. And so a pertinent question that often comes up is how safe is online trading?
First and foremost, two things are extremely important to remember before trading online – It is suited to those who have at least 6-12 months of living expenses or surplus money lying in their accounts free for investment. Secondly, the lower costs and higher speeds of online trading may make it seem like it’s extremely easy, and before you know it you might be trading in dangerously large quantities. What’s important here is to be aware of the data breaches, viral attacks, phishing scams, identity thefts that the online world comes with. Since trading requires an in-depth analysis of the market to make accurate forecasts and earn extra funds, it is also always fraught with financial risks.
While online trading is mostly safe and secure in India, safety is foremost for every trader and so it is always best to have yourself covered. The first thing that traders pay attention to is the reliability of the platform. They must ensure that it is not a scam or a fake but a real and safe trading platform. For the same reasons, trading with Binomo is fast emerging as one of the most user-friendly, transparent and safe ways of trading online especially for people at home or on-the-go looking to improve their trading skills. Subject to the laws of St.Vincent and the Grenadines with over seven years of experience in the financial market, it is a legit online trading platform apt for generating additional income.
Secondly, over 2-million online investors, according to Binomo, are using the platform and its demo accounts and free tutorials to constantly practice and enhance their skills and knowledge from the comfort of their homes, instead of relying on other peoples’ tips and signals […]
Protected by Patchstack