A regular job or small businesses may not be enough to help you make a fortune to lead a secure life. Therefore, creating multiple sources of income is seen as the best way to reduce the dependence on a single source of income and to accumulate wealth to comfortably maintain one’s needs, wants and desires. There are many ways to do this, for example, taking up a freelance job or starting a side hustle, investing money in real estate, creating a SIP, etc.
Let’s delve deeper into each of these:
Freelance jobs are often selected according to your subject matter expertise. They come with flexible timings and work schedules and allow you to earn extra bucks. Another way is to start a side hustle. Identify your passion, learn how you can monetize it, take some time out of your schedule and start projects with your job. An example in this regard is content creation in your area of interest. A large area that can be monetized, and which has led to the rise of an entire influential community.
Real estate is one of the oldest investment options that people resort to depending on the market conditions and one’s financial condition. This usually means buying and selling properties and reinvesting the profits or using PG/Rental properties. It can also mean investing in business assets that assure guaranteed returns. The goal of this investment is to put your money to work today so that it can bring you additional income in the future.
Keeping savings in a bank account does not give you high returns. For the same reason, many people prefer to make equity investments. It can be mutual funds, shares, SIP, all investment modes which bring back good returns in the long run. The trick to be followed here is not to put all your eggs in one basket, instead calculate the risk factor and diversify the portfolio for maximum returns.
Yet another income source that is fast emerging as a preferred option to earn extra money is trading. This can be done online and mostly thrives on predictions. Due to the fact that decisions are made in consultation with others and are based on speculation, there is a lot of risk involved in staying in the race with viable earnings. And hence a pertinent question that often comes up is how safe is online trading?
First and foremost, it is extremely important to remember two things before trading online – it is suitable for those who have at least 6-12 months of living expenses or have extra money in their accounts free to invest. . Secondly, the low cost and high speed of online trading can make it seem like it is extremely easy, and before you know it you are trading dangerously large amounts. It is important here to be aware of the data breaches, viral attacks, phishing scams, identity theft that comes with the online world. Since trading requires a thorough analysis of the market to make accurate forecasts and earn extra money, it is always fraught with financial risks as well.
While online trading in India is mostly safe and secure, security is of paramount importance to every trader and hence it is always best to cover yourself. The first thing traders pay attention to is the reliability of the platform. They should make sure that this is not a scam or fake but a genuine and safe trading platform. For the same reasons,
trading with binomo
It is fast emerging as one of the most user-friendly, transparent and secure methods of online trading. With over seven years of experience in the financial market subject to the laws of St. Vincent and the Grenadines, it is a legitimate online trading platform suitable for generating additional income.
Secondly, according to Binomo, more than 2 million online investors are using the platform and its
demo account
And free tutorials to continually practice and enhance your skills and knowledge from the comfort of your own homes, rather than relying on other people’s tips and signals to make your trading decisions. Since Binomist also cares about the security of their data, it requires users to go through rigorous 10-minute verification to help protect their accounts from fraudsters and withdraw profits without any hassles.
With many modern-day uncertainties such as a stagnant job market, a slowing economy, it is important to rely on additional sources of income to secure the financial present and future. Trading is a great option for this and trading platforms like
binomo
They are a great option to enhance and empower traders with the right tools, skills and knowledge, while also 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 correctness, reliability of the content and/or compliance with applicable laws. The above is non-editorial material and TOI does not guarantee, confirm or endorse any of the above content, nor is it responsible for them in any way. Please take all necessary steps to ensure that any information and material provided is correct, updated and verified.
There is an element of financial risk involved. Please trade responsibly and at your own risk.