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The Importance of a Second Income

We are all living in a world where we are constantly trying to chase our dreams, one day at a time. Improving our standard of living is something we all want for ourselves. We would much rather think of traveling to foreign countries, the latest car, luxurious homes to live in, quality education for our kids, etc. The list is frighteningly never-ending! We want to achieve all of these things and more, without really paying attention to affordability and our future financial goals. This often causes a disconnect between our present living conditions and our future planning. To sustain ourselves, we rely on EMIs (Car EMI, Home EMI, Personal loan EMI, etc.), we have multiple credit cards with various banks just to stay afloat. Instead of making our lives easier, EMIs end up making it more complicated and they take away our peace of mind too.

We become financially crippled and lose our resilience to face shocks in our financial life. For example, losing a job can be traumatic at any age, but with added family responsibilities it can be even harsher. We face the uncertainty of paying outstanding bills and keeping food on the table. In such a case, an additional income, would cushion our lives and provide much-needed succor.

When times get tough and the responsibilities and liabilities keep piling up, I’m sure most of us must have thought of escaping into the mountains to find solace. Although escaping the reality of the situation is an option most us wish we had, it is not a practical one. Many people are entrepreneurs at heart and have many ideas that they are passionate about turning into plausible business ideas. However, as with any new venture, it takes time, energy, and capital to be successful, and sadly most of this don’t have the liberty to take the plunge. The fear of how the house will run while you follow your dreams makes you stop dreaming altogether.

Quality education is a necessity in today’s day and age. You shouldn’t have to dread the day when it’s time for your children to attain a widely reputed degree from a higher education institution because you are financially unprepared. Most people in this scenario use their retirement corpus to fund these education expenses. This is a classic example of lack of financial planning and foresight.

One solution to overcome all these obstacles and be financially independent is to have a permanent and regular secondary income!

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