Generating secondary sources of income beyond the pandemic
Building secondary sources of income helps us to grow our wealth and reach our financial goals. However, the COVID-19 pandemic has disrupted the ways income can be generated. In this feature, we will explore various ways of generating secondary sources of income beyond the COVID-19 pandemic.
Pandemic changes industries
With public events getting cancelled and people being encouraged to avoid crowds, the travel and tourism industries are seeing a steep drop in demand. Manufacturers connected to global supply chains are experiencing severe disruptions. Around the world, there are empty streets and restaurants, with struggles in local communities. Our social fabric is disrupted. However, technology is playing a role in accelerating progress for solutions to the pandemic. The ways people work and communicate are changing. Convocations, meetings, conferences, events, and social events are occurring digitally. People are working and students are studying remotely from home.
The pandemic is also causing economic disruption and unemployment. Although unemployment protection, which allows resources to be accumulated in good times and released in times of economic distress like the current pandemic, guarantees a certain standard of living for workers who have lost their jobs, not every country has unemployment insurance and not all workers or enterprises benefit from such measures.
Multiple sources of income
These unprecedented challenges will change the ways secondary sources of income can be generated, but conventional wisdom will still prevail. Creating your product, offering your service, and diversifying your investments can help you generate secondary sources of income.
If you are creative and savvy, you can create a product by thinking outside the box until you can come up with a new idea that fills a need. Digital products can also be attractive, such as online courses and e-books. With people staying at home more often as a result of the pandemic, there is greater interest in self-improvement activities, such as reading e-books and studying for academic development.
Offering a service or selling something to diversify your income may help you to build passive income that builds slowly over the years. Offering a service is often one of the best and least uncomfortable ways to earn side income while doing something that you love.
Another popular second income option is being an Introducing Broker (IB) , it is a way of building your passive income consistently. By introducing new customers to a Forex brokerage, you will receive IB’s commission, which is a certain share of the spread or commission charged by the brokerage. As forex investment is an emerging and fast-growing trend in the changing economic landscape, wealth-building opportunities are abundant in this field. The advantages of being an Introducing Broker is that this career path grants you time flexibility, allows you to work from home, generates consistent stable income, and allows you to gain income from clients’ trades.
Diversifying your investment
In the world of investment, we should never “put all our eggs in one basket”, where we should not concentrate all efforts and resources in one area, because we can lose everything when disaster strikes. Investing in a single asset class is insufficient for us to meet our investment objectives. When we expand our investment environment from a single asset class to multiple asset classes, and from local to international markets, the risk of focusing in a single asset is reduced.
You may consider our financial products, such as our Global Wealth Fund (GWF) and forex managed funds, which are considered relatively stable and safe forms of investments. Alternatively, for investors that are starting out, consider starting with small amounts of investment and join our Introduced Broker (IB) programme to gain more wealth, which can be used as your future investment funds. Accumulating wealth starts with a simple step, and taking the first step brings benefits.
In conclusion, there are many ways to generate secondary sources of income. By reflecting on industry changes, tapping into multiple sources of income, and diversifying your income, you will progress on your journey of building your wealth. Achieve your financial goals by our financial solutions and participate in our Introduced Broker programme today!