My answer to this question is definitely a yes, but it comes with conditions. If you only have one stream of income right now, I recommend you to start looking for additional channel especially if you think your primary income is never going to be sustainable. Different people have different reasons why a second income is necessary. And today, I am going to share with you some of my insights as to why this is very essential and the conditions that might be attached to it. For those who want to learn more, this is for you!
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Technically, a second income is another source of cash for you. I’m 100% that those who look for another way to earn money find their primary source insufficient to support themselves or their families. So, the basic reason why it is important that you have a second income is that it is an opportunity for you to create additional cash that you can use whenever you need it.
Whether it is a personal or family thing, a second income can help you improve your situation because you are creating layers of opportunities to earn more when you have one. You are not solely depending on your primary income to pay your bills, to give money to your relatives, and to pay for your own needs. Having a second income lessens the anxiety of budgeting your primary income from paycheck to paycheck. Again, having extra cash in your pocket is always a good thing.
In case your first job fails, your second income serves as your insurance. Well, a lot of reasons can trigger company failures such as unfavorable economy, poor business decisions, and stiff competition. You may never know when your company is going to go down. So it’s either you find a good company that will last longer or you look for a second income to be your insurance.
As I’ve mentioned above, having a second income comes with conditions. It doesn’t always work for everyone. It should not interfere with your primary source and it should never be the reason for you to lose your first job. Instead, it must be a financial planning tool that will take up a little amount of your time while it takes effect for a longer period of time.