To understand the need for having a second income, have a glance at your village today. Check how many employees are retired from active service, whether it is government or private sector. Compare that against how many students are getting ready to get vacant and the industries coming up creating new job opportunities. Then apply that reality check to a larger geographical area like your district/state. This frightening imbalance in the demand-supply ratio will explain to you why there are no jobs and fewer salaries.
My aim is not to make you feel uneasy and depressed. To make you understand where we are going wrong and the importance of having an additional income source. The most stressful job is not the job we do for whatever salary and position but being unemployed and lowly paid. This alarming imbalance will stay for at least another two decades, hoping that population control will have some effect on the job market by that time.
The educational stream we select should shelter us for at least two years at the beginning with at least average income. This is not the scenario now. This is very much true with engineering-qualified students. I have witnessed a girl approaching, asking help to secure a receptionist job in Dubai, being qualified as a software engineer! We have to blame ourselves for this scenario. We entered a category that is very well known that the supply-demand ratio is hugely imbalanced already. When we select a particular category of subjects’ kindly check the ongoing job market scenario in that field and investigate would be the next five years after the basic graduation is completed. Else ,we will be facing an unpleasant scenario at the beginning of the professional career itself.
India will face one more concerning scenario, the reduction of interest rates on savings to make people spend more to push production. Whatever comfort level of fixed deposits we may be having in the banks, interest generating is going down, along with our comfort levels. Considering this, necessity has come to stay active by earning our daily bread until we remain physically fit even years after retirement and having sufficient money generated by interest on fixed deposit. No amount of money can give true peace of mind. The other challenge now a day is to safeguard hard-earned money considering financial frauds. One minor mistake, carelessness, and overconfidence can destroy everything in a second by pressing the wrong button on a cell phone! That is why safeguarding the money should also be given equal importance as the way we give for earning. Periodically cross-checking on security measures is an absolute necessity.
Considering all this, the necessity has come to have a second income generation for every individual. Gone are the days where we preferred an employed partner to share the financial burden of having our own family. The immediate would be necessity is at least one of the spouses should have a second income also. Typically this is challenging at times and relatively easy also. Easy because our talent/passion may be successfully converted into a source of it. Challenging because of our negative mindset, lack of awareness, and social connectivity. Generally, once we are employed, we let our curiosity and preparedness die and cry only when absolute necessity strikes. A good singer can teach singing to kids, a person good at drawing may teach drawing, those good at playing musical instruments can start music classes, and those good at chess can start teaching chess and so on. The list of sources of second income is quite significant. When we serve our passion/talent, we do not feel tired and stressed even being employed working the whole day. This is a significant advantage for everyone. Sometimes, we may feel that the unique feature we had has subdued over some time by not using it regularly. Since it is our passion, igniting it again will not be a monumental task. The income generated on our unique abilities and skills will be under our control and hence may be grown over some time. Any other income, including share market investment, fluctuates too often, creating tensions.
Lavish spending should be taken into consideration and controlled under the present circumstance. For others opinion, we pay a heavy price lifelong. After the salary, transfer the saving amount first and then spend the rest of the amount, not vice versa Savings comes before spending. If we can teach about the handling of money at school Level many future disasters may be avoided.
In this hectic life, we also need to give sufficient importance to recreation, or else we may break down. To balance the missing recreation going for a second income; we should dedicate a full day on weekends for joyful Activities were connecting either with people or nature. For the people who plan second income connectivity becomes an absolute necessity. Being well connected serves as a significant advantage throughout our professional Career. There is a drastic fall on this count; space is occupied by social apps where the emotional bonding is absent. Sadly we misunderstood this as connectivity. It not; what we are doing is electrical wiring where the human face is masked not to show originality and emotions. Only genuine people are going to succeed in having successful second income because these activities are somehow linked to serving the emotional support in the client under the present social scenario. Alternatively, otherwise, the absence of the client will be felt immediately as the way present was felt, sudden without any expectation.
The situation in India and elsewhere is concerning. Young student those who are about to complete basic graduation may not know how it is Going to hurt them since, so far, they are not in the war zone. Those are Employed in specific sectors are aware of their precarious situation. Anytime curtain may fall without any formal warning signs. Reduction in salary, no expected increments are going to complicate the situation further. Ask those who have lost their jobs suddenly and not having a parallel income, their plight will tell you why we need to have a second income.
That is why do not wake up by accident. Identify the warning signals at a young age. If you are reading daily newspapers, the current the economic situation should motivate you to think about this seriously. Job cuts, production cuts, the introduction of modern technology, use of artificial intelligence, and competitions have A telling effect on job prospectus. Have a designed purpose. Have money in hand at an enjoyable time in life rather at old age, they are being waked up late. Negativity and a defeated mindset are not going to help anyone. The only initiative will. I have witnessed a few people whose second income is more than their fixed salaried income. Model those Successful people. They are there for a reason, not by chance.
Written By;-Vincent D’sa; Dubai/Manipal