A steady job or small businesses may not be enough to help you build the fortune you dream of for a secure life. Building multiple streams of income is therefore considered the best way to minimize dependence on a single source of income and accumulate wealth to comfortably meet your needs, wants and desires. There are several ways to do this, such as taking freelance jobs or starting a side hustle, parking money in real estate, building SIPs, and more.
Let’s take a closer look at each of them:
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Freelance jobs are often chosen based on your subject matter expertise. They come with flexible working hours and schedules and allow you to earn extra money. Another way is to start a sideways scramble. Identify your passion, learn how you can monetize it, free up time from your schedule, and start the project alongside your job. An example of this is creating content in your area of interest. A vast area that can be monetized, and which has led to the rise of an entire community of influencers.
Real estate is one of the oldest investment options that people resort to depending on the market situation and their financial status. This usually means buy-sell properties and reinvest the profits or use the purchased properties for PG/rentals. It could also mean investing in commercial properties that provide guaranteed returns. The goal of this investment is to grow your money today so that it can earn you additional income in the future.
Keeping savings in a bank account does not earn you much. For the same reason, many people prefer to invest in stocks. These can be mutual funds, stocks, SIPs, any mode of investment that generates good long-term returns. The trick followed here is to never put all your eggs in one basket, but rather calculate the risk factor and diversify the portfolio for maximum benefits.
Yet another source of income that is quickly emerging as a favorite option for earning extra money is trading. It can be done online and mostly feeds on predictions. Because decisions are made on the basis of consultation with others and are based on speculation, staying in the game with a viable income involves a lot of risk. And so a relevant question that often comes up is how safe is online trading?
First of all, two things are extremely important to remember before trading online – It is suitable for those who have at least 6-12 months of living expenses or excess money in their free investment accounts. Second, the lower costs and higher speeds of online trading can make it seem extremely easy, and before you know it, you could be trading dangerously large amounts. What is important here is to be aware of the data breaches, virus attacks, phishing scams, identity thefts that come with the online world. Since trading requires in-depth market analysis to make accurate forecasts and earn additional funds, it also always involves financial risks.
Although e-commerce is generally safe and secure in India, security is paramount for every trader and hence it is always best to hedge. The first thing traders pay attention to is the reliability of the platform. They need to make sure that it is not a scam or a fake but a real and safe trading platform. For the same reasons, trading with Binomo is becoming one of the most user-friendly, transparent and secure ways to trade online, especially for people at home or on the go looking to improve their trading skills. . Subject to the laws of Saint Vincent and the Grenadines with more than seven years of experience in the financial market, it is a legit online trading platform suitable for generating additional income.
Second, more than 2 million online investors, according to Binomo, use the platform and its free demo accounts and tutorials to constantly practice and improve their skills and knowledge from the comfort of their homes, instead of relying advice and signals from others. to make business decisions. Since the pairs also care about the security of their data, users undergo a rigorous 10-minute verification to protect their account from scammers and help them withdraw their profits unhindered.
With several modern uncertainties such as a stagnant job market, a slowing economy, it is important to rely on additional sources of income to secure a financial present and future. Trading is a great option for this and trading platforms like Binomo are a great alternative to improve and empower traders with the right tools, skills and knowledge, while providing a safe and transparent platform to earn extra income through trading.
Disclaimer: The views expressed in this article are those of Binomo and do not represent the views of The Times of India (TOI). The Brand is solely responsible for the accuracy, reliability of the content and/or compliance with applicable laws. The above is non-editorial content and TOI does not guarantee, endorse or approve any of the above content, and is not responsible for it in any way. Please take all necessary measures to ensure that the information and content provided is correct, updated and verified.
This involves an element of financial risk. Please trade responsibly and at your own risk.