Thursday, February 20, 2020

12 KEY REASONS TO START EARNING EXTRA INCOME IN 2020



Going by the current global economic recession whirl-winding in different parts of the world, we can very well imagine what the future holds for us if the trend continues unabated. One income undoubtedly will not be sufficient to sustain our variety of needs. It’s best to get ready for the worst and expect the best instead of vice versa. It’s paramount then to have many incomes flowing into your finances than to have an apprehensive future.

Extra Income has not harmed anyone up till now, and it should not be hurting you either. If you are enthusiastic to do that extra bit of work or travel, going extra mile for your employer, I am ultimately sure you will be more than prepared to do so for yourself, especially if you feel that it would improve the quality of life of you and your households.

Extra Income involves hard work and does not come for free but the kind of work you would want to do will determine your energy level to be invested. A little bit of passion and inspiration could get you off the mark therefore, the work becomes hobby when you are doing what you always wanted to do. Let’s look at the reason in support of earning extra income;

1.     RECESSION: The current economic reality is a ginger tonic to look in the other directions for extra income opportunities. Many companies have laid down workers due to inability to meet up with their financial obligations in terms of payment of salaries, bonuses, pensions and other allowances. Job insecurity has been more prevalent now than ever before and the trend doesn’t look any better with the introduction of technological gadgets taking the job position of humans in the
workplace, consequently, it is a must to have one or two side income.
2.      INCREASED EARNING POTENTIALS: With extra side income, the earning potential is not limited to your salary or fixed amount as long as you can increase your efforts whenever you want to and this makes you financially independent one way or the other. Side income can be a ‘SET AND FORGET’ venture where you set it up once and earn residually for a long time to come.


3.     CONVENIENT WORK SCHEDULE: An extra side income business opportunities can be carried out at leisure time, break periods, vacation, on training, on transit form home to work, during holidays, weekends, and even while performing job tasks related to your side income business.

4.     LITTLE OR NO CAPITAL: Most side income earnings require little or NO capital to begin. Some side hustles are borne out of passion or hobbies while some are conceived as a result of repetitive actions.

5.     SELF ESTEEM: Many people who engage in extra income jobs radiate deeper confidence socially more than their folks earning salary or commissions alone. The more side income or extra earnings jobs you have in your kitty, the more confidence you display.

6.     PREPARATION FOR BIGGER ROLE: Engaging in extra income activities will ultimately prepare you for a bigger role either as a CEO of your own establishment or a managerial position in a top management level.

7.     JOB CREATION OPPORTUNITY: Your side income business could serve as an avenue for others to be fully engaged. A salary earner who is also in the field of event planning and management could as well provide employment for artisans, decorators, Dj, Mc and a host of other stakeholders that is involved in organizing a befitting event.

8.     SWITCH BETWEEN PAID JOB AND ENTREPRENEURSHIP BECOME EASY: The switch from conventional paid or salary job to being an entrepreneur is made easy when you are already engaged in side income business opportunity.
9.      FINANCIAL BURDEN IS LESS: Because you are not depending on a single income source, the financial burden is often less than earning from salary alone. Mortgages, insurance premiums, tax, tuition, service charges, subscriptions, etc, can be offset without waiting for conventional monthly or weekly salary.


10.                         RETIREMENT FROM EMPLOYMENT IS EASIER: When you start earning from side income early in life, it prepares a faster retirement plan unlike when you are strictly dependent on traditional retirement age of 65yrs or 35yrs active service whichever comes first as we have in many countries of the world.

11.                         EARNING EXTRA INCOME BRINGS ABOUT DEDICATION: The level of dedication devoted to extra income is apparently stronger compared to the effort put in at your workplace. It has been observed over time that people show more dedication to works that earned them extra income.

12.                        TESTED AND PROVEN: Earning extra income and engaging in side hustle has been tested and proven to cushion the effects of shrinking income among employees. I personally ventured into project management and financial advisory consultant while working as a marketer in Guaranty Trust bank plc, this extra side hustles afford me the opportunities to travel out of my stations on all expense paid by my clients and even having accommodations and breakfast in high end hotels and resorts, explored diverse terrains and also earned more than my co-workers in the bank.


In normal course of a career, any individual can earn extra income through a job or a profession; you will be earning extra income for the time you can spare on work on a daily basis or leisure time converted to productive engagements. Feel free to share this piece and send in your comments




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