At times, just one source of income won’t be sufficient to fund all your expenses. At the time, you desperately need another source of income. Your spouse could give you a hand and work in order to supplement the additional requirement of income. But many times, even if both husband and wife earn money, they may not be able to afford everything they need. In this scenario, what should be done? India’s First Free Online Financial Advisory, Moneymindz
You might need passive income for different needs, and they include the desire to travel often, start a business you are passionate about, etc. Are you sure that can be afforded? Yes!!
Here are some tips that you can follow in order to create an alternate source of income.
1. Budget and save
A budget consists of your monthly income, expenditure, savings, investments, insurance, financial goals and time frame. Chart that down each month and track your expenses so that you can reduce them and increase your savings. Without a healthy amount of savings, you can’t think of passive income, early retirement, career breaks, travel, etc. See to it that you have a healthy amount of savings after all taxes are being paid. India’s First Free On call Financial Advisory, Moneymindz
2. Invest and Insure
Invest for your future. Keep an Emergency Fund and a Retirement Fund and contribute to those funds regularly. An Emergency Fund will provide money for you during emergencies otherwise you will be forced to borrow from your other investments, or from family, friends and third parties. A Retirement Fund ensures that your needs are taken care of during retirement. Get Term Insurance so that in case you leave for your heavenly abode a bit too early, your dependents won’t be left in a financial mess. Get Health Insurance so that your medical needs are paid by the Insurance Company in case you are sick or hospitalized some day.
No matter whatever you do, it is imperative to have a plan, a target to reach and clear-cut way to attain that goal. So have a plan on how you will get the passive income you need. It could be through anything, a part-time job, volunteering, finding another job, blogging, etc. But make sure you know where you are headed to. Smart Financial Advisor, Kuber Mindz
4. Be Frugal
We aren’t asking you to be a miser (don’t be a miser). We are just asking you not to be a spendthrift. Spend less than you make and save that money. Understand the value of Delay Gratification and the Power of Compounding. Invest diligently, be insured and don’t let your expenditure be more than your income.
5. Explore your passions and talents
You can use your passions and talents to make a passive income. You might be a good writer or a good singer or a good artist. Use that and earn passive income.
For further information, visit www.moneymindz.com or give a missed call to 022-62116588.