[srini1785]

Working in a non IT field has its pros and cons. Pros is that you don't need to constantly reskill your self and compete with a 20 something. The cons being that remuneration is no where near what a middle management guy in IT earns. I realized this long time back and tried to " Supplement" my income by being the indian equivalent of Mike Wolfe of American pickers fame. I have always had an interest in anything vintage ( other than cars and bikes too). There is a sunday flea market in bangalore and i have found quite the gems up for grabs. Vintage video games, toys , music systems and any oddities that have value in collectors market. Though not a reliable income its a good way to just supplement your income and a nice sunday time pass. There is also some satisfaction in learning something new. However, this corona thing has ruined everything.

Originally Posted by locusjag

Tamil writer Sujatha wrote all his science-fiction books (many of them are movies today) during weekends, and in his weekdays, he was an auditor in government service. Long after his death, his books (and movies) earn royalties passively for his family even today. One audacious goal of mine is to at least become a lesser version of James Altucher whose non-fiction e-books sell for at least $200 passively every month.

I have met Mr. Rangarajan ( Sujatha) a couple of times. He was skilled in other fields too. He is generally credited with having led the team (during his stint in BEL) that built the EVM's.

[RahuKetu]

Definitely, In today's world and especially after this covid pandemic; we need to have alternate source of income. Hospitality, Airlines & Tourism related business will be most affected and many people have lost their job already. It will take minimum two years to return to normal.

My personal view is that rental income from property may be an option. I am thinking to sell my flat and build a G+2 house. First & second floor may be rented out to generate life long income. Investing in a commercial property is another option which I have already done by purchasing a shop in under-construction commercial complex. I may rent it out or use it myself to start some business. Small SIPS in mutual funds is my regular routine followed for last 10 years which has helped me to create corpus for purchasing shop.

[mkh]

Having made the journey from a simple IT professional hence salaried class to being a business owner with multiple revenue streams i have experienced in real life what's the pain of sitting with a single income and seeing jobs vanish. Early in my career in IT, about 20 years back i had a strong ambition the add a second income, the problem is that without capital and support most of us working professionals cannot start anything.
There are very limited options but even then it takes a lot of discipline, focus and dedication to create anything additional. I was fortunate to find mine and also able mentorship but the path is never a bed of roses and failures are assured before any success. I too lost my job once, and saw several business cycles that turned against me but i had decided that i will not let the control of life be in someone else's hand as that is assured if i just depend on my salary.

What i have observed having seen large number of folks over the past 15 years up close is:
Early in life below 30 is when most have the energy and courage and can let go of a few things to venture out, as life goes on the risk taking ability diminishes so if possible- start early.

Not a single person has made it in life to fulfil their dreams without facing rejections. Most do not expect that or are capable of handling that and vanish. If there is a passion or a strong desire to do something different, be assured there will be ample people who will reject it, even ridicule it.

Usually we are surrounded by those who are employed and have little or no clue what it is to create a "safety net" or backup hence seeking advise from them is of no gain, yet many of us do that!
The world is full of crab mentality, which means that just like put 1 crab in a basket and the only assured way to keep it there is to add few more as then one crab will not allow the other to get out and pull it down, someone who wants to move ahead of the pack will be pulled down.

Usually we see the end result and exclaim "wow" or "how lucky" seeing someone make a lot of money in business or investments etc. What we fail to see is hours of toil, multiple failures, rejections and discipline which most of the world can't do and will perish at the first hurdle itself on the way to create success.

Supplementing job income with ideally a passive income is the BEST way to protect against any future uncertainties, there are many ideas now available too but certain fundamental principles of success apply to anything that someone takes up.
I follow a principle i heard early on "Dig the well when you are not thirsty because when you are, there is no time or energy to dig one"
Hope we all wake up to a new reality and learn to value health and importance of financial independence much more.

[bluevolt]

In the time of COVID, one of the big lesson all of us has learnt is about managing our cash flows properly. Having contingency fund, low/manageable debts, adequate insurance will be of even greater priority. The current scenario has taught us one more important lesson - volatility in the private-sector job market. A pandemic situation like this has impacted across horizons and no industry or sector was left untouched. Heck, even the government sector employees faced cuts (their DA increase announced earlier this year was rollbacked).

Since most of us here are from private sectors and clearly understand the uncertainty associated around, I was contemplating to know the views of BHPians about generating a secondary source of income apart from their primary income. In a way, we are also supplementing our existing income and creating a cushion to fall back on in case the primary source is affected. Now generating a secondary source is not easy and will surely require some hard work.

The secondary source of income can be based on your hobbies as well like monetizing your photography skills. Other option can be based on your special interests and skills like trading, teaching, coaching etc.

Through this thread, let's share what all can be possible avenues that can be explored and also discuss the 'How' part of it.

To start with, I can think of below options for myself -

• Photography - I have been clicking since 2010, even did a couple of commercial shoots, opened dedicated fb page but ever since I stepped in the corporate world, priorities changed especially due to time constraints. I still feel this can be still an option but the challenge is an investment to buy a professional level new generation equipment. Currently, I feel, the market is over-crowded with freelance photographers and I don't have that kind of social circle anymore that would recommend through word of mouth.

• Vlogging/Blogging - When I was in college, I loved to make videos, short movies and participate in similar competitions at the college level. For hobby purposes, I started a Youtube Channel for showcasing my travel vlogs. Though, I have not limited it to travel videos. Never thought of monetising due to the reason - I was not a very frequent traveller, gaining views/subscriber count is not easy on Youtube anymore like it was for people who started in 2011-2012 days! Youtube also has now stricter norms before they allow monetising a channel. But, I still feel, if someone is persistent, Youtube or any other social media platform can be a good source of secondary income. For people, who are camera conscious, starting a blog can be also a good idea. There are various ways through which you can earn through blogs.

• Trading/Stocks/Finance - I have an interest in personal finance, started managing my money the day I started earning. Learnt about debt instruments, 80C investment tools, mutual funds, equity etc. as soon as I earned my first paycheck. I was even thinking of pursuing CFP certification to have a credential that can be used for monetising my interest in personal finance. I even tried trading but realised it requires the next level of knowledge and skills. Trading, if learnt properly and if someone has a knack of stocks can be a great secondary source of income. Heck, even it can be a primary source. Many people I know have quit their regular jobs to pursue trading as their sole bread and butter earning avenue. Stocks/Trading though requires lots of precautions as it is highly volatile and any wrong decision can wipe your dreams off. I feel, the skill can be improved with time and can be a good option.

These are just my thoughts, no action plan to implement any of the above ideas as of yet but I believe each one of us should have thoughts around having a secondary source of income. Let's have views from all of you.

[BroodVarun]

Allow me to share my 2 cents from a non-IT perspective. I work in a consulting firm, and I have seen a lot of my seniors and peers pivot supplement their jobs with multiple other avenues.
A few examples:

1. Entrepreneurship - Create a startup with a new idea. partner with like-minded friends. become a sleeping partner in the startup. continue earning from both avenues. Requires approval from the firm. E.g. a friend of mine opened a microfinance startup. one of the few profitable companies in the sector

2. Product creation - Use your expertise to create a product. Again, become an advisor to the product company. Hire a good CEO and let the company grow. Requires approval from the firm.

3. Teaching - others have mentioned about this already

4. Farming - Many people overlook this. One of my cousins, a really respected leadership coach, does farming on the side. Earns handsomely from both avenues. Stays in a village in Haryana. Travels to Gurgaon whenever he has to do a session.

5. Non-competing business - open a non compete business. Continue to be actively involved in both the business as well as a job. There are many examples of this. For e.g. open a cloud kitchen, old age home, etc.

Strict Nos

1. No investment in urban real estate
2. No betting
3. No peer to peer lending (using the new startups which are coming up)
4. No exposure to cryptocurrency (to be on the safer side)

You would notice that most of the side business which you can do, requires a very strong core group of team/friends. If you can find such a group of people consider yourself very very lucky. use your common interests, passion to do something which gives you pleasure as well as a side income. It will make your weekends really interesting.

Funny e.g. I know a group of friends who have a decent career with each one of them earning in 6 figures annually. But they are together running a meme page which is also giving them significant side earnings

[ramnaresh_2000]

Voted for rent and chillax.

I have been planning for a 2nd income from 9 years and yet to generate one. I gave up trying last year and only focused on my current job (I am non-IT guy working in a IT company and I do not see much growth in my sector). Thanks to pandemic, I realized I need to start again and this time deliver.

This is the list of my failure attempts

• Planned a startup with zero investment (Failed as my partners gave up)
• Mutual Funds (Bad timing, currently at 25% loss)
• Stocks (Bad timing, currently at 49% loss)
• Motor Workshop (I got cheated by land broker, luckily the real owner gave us our money back as he purchased the material we bought, No loss)

My future attempts,

• May start a play school (On-hold until vaccine is available)
• My wife is good at making home made natural soaps - Planning to make it large
• Invest in apartment/land (rent/lease it to generate 2nd income)
• Invest in low risk funds, LIC, PPF and FD's

[DonHyd]

Hello guys. I am from hyderabad. Economic tailspin followed by covid induced lockdown has affected me adversely. I cannot blame the present government alone though despite its lacklustre policies because the fundamental problem in this country seems to be that a vast majority of people who vote do not know what is in the interest of the country or even if they know, they put their petty interests above the national interest. I seriously miss visionaries like Shri P V Narasimha Rao and Shri A B Vajpayee. I am not discussing politics here.

Presently I am trading derivatives but that won't provide a steady source of income. I am looking for ways to earn supplementary income until I get a full time job. I stay near Hyderabad. As this forum consists of many eminent persons with diverse expertise, I would be very glad if anyone can guide me. Thanks in advance. I do not know whether it is appropriate to post like this, so request mods to decide accordingly.

[SmartCat]

Originally Posted by DonHyd

Presently I am trading derivatives but that won't provide a steady source of income. I am looking for ways to earn supplementary income until I get a full time job.

I have moved your post to this thread. Perhaps other members can help you out. What's your current job profile/industry?

When things are not going well, trading derivatives or trading in stocks to generate supplementary income is a bad idea.

[androdev]

Originally Posted by DonHyd

Presently I am trading derivatives but that won't provide a steady source of income. I am looking for ways to earn supplementary income until I get a full time job. I stay near Hyderabad. As this forum consists of many eminent persons with diverse expertise, I would be very glad if anyone can guide me. Thanks in advance. I do not know whether it is appropriate to post like this, so request mods to decide accordingly.

There is absolutely no way anyone without a job (steady income) or huge funds can consider trading in derivatives/stocks as a means to generate steady supplementary income. The chances of losing your full corpus are very high if not certain. In fact, most brokerages insist you prove that you are HNI before they give you trading access.

Originally Posted by SmartCat

When things are not going well, trading derivatives or trading in stocks to generate supplementary income is a bad idea.

I agree. Terrible idea, adding fuel to the fire.

Nothing beats taking up a job (any job) when chips are down. I am seeing young qualified people taking up home tuitions and pet grooming, etc. till their job situation improves.

[SmartCat]

Originally Posted by androdev

Nothing beats taking up a job (any job) when chips are down. I am seeing young qualified people taking up home tuitions and pet grooming, etc. till their job situation improves.

For my son, we have a home tuitor now who charges Rs. 6,000 per month for 1 hour per day/5 days a week. We also have a hand-writing expert who comes home on weekends (1 hour a day, Rs. 5,000 per month). That's because my son's handwriting looks like this -



So I'm using Covid-19 school shutdown to improve his maths foundation and also his writing. Both these ladies teach at multiple homes. Google search for "home tuitor company" gives a list of companies that offer such services.

[Gansan]

Originally Posted by locusjag

Tamil writer Sujatha wrote all his science-fiction books (many of them are movies today) during weekends, and in his weekdays, he was an auditor in government service. Long after his death, his books (and movies) earn royalties passively for his family even today.

Writer Sujatha (Rangarajan) was not an auditor and was not in government service. He was an engineer and a college classmate of Dr.Abdul Kalam. He started his career as an air traffic controller before moving on to other fields. He was employed in BEL Bangalore for many years till his retirement, and was a key person in the team which designed and validated our Electronic Voting Machines.

[saket77]

This thread has generated less than 2 pages in more than 2 years. Probably speaks volumes that how we Indians are living on the edge. What is worrying is that the participation here on TBHP is of above average economic strata majorly. Financial literacy is grossly overlooked in India and probably explains the reason why most of us have never looked beyond FDs & insurance (terrible if used as investment) as investment options. A lot of people have invested in mutual funds when the market was trading at near highs only to see negative returns when market consolidated. They probably booked their losses only to never come back again. Minuscule percentage of general masses had the spine to invest while the market crashed. A peek into portfolios of such people, for eg. who invested during Mar-Aug'20 and we will understand. Unfortunately, even so many so called financial planners are working only to generate their own commission or achieve their targets without caring much for the investors themselves which have further shaken the trust of general people in investment options beyond the banks. Real estate investments had entered a bubble a few years ago and now there are no buyers! Good time actually to invest and build some rental income opportunities.

Can't remember who said but so right that if you are living only on salary income, you are just one step away from poverty.

[adithya.kp]

So true. I personally know three people getting laid off and still not finding a job. It has been more than 2 years now. They are not even getting an interview call, let alone a job. This is pre covid. Post covid, one of my friends has not been getting paid since July. Last week, he found a job at a lower salary.

But I observed one strange thing in IT industry. The execs ( Directors/VPs etc) will somehow find a job immediately. Most of the time, even better than the current job. I know that connections matter. But getting a job at that level is no joke. Because the number of openings will also be less. I always wonder how they do.

Coming back to this topic, can the IT guys here share what they are doing for this? ( Lets not talk about trading, rental income, YouTube etc.). Not necessarily to supplement income. Because sooner or later, everyone will have to go through this. Even if one is financially independent, its always good to be doing something. A lot of my friends have been saying they will get into organic farming :-) . These days, its fashionable to say, I will quit the rat race and do organic farming.
Personally, I am reading a lot to get myself up to date. Initially I was focusing too much on tech stacks. Now focusing more on the solution/domain etc.

Originally Posted by JediKnight

This does not work in the strange world of IT. In fact after around 15 years experience you are seen as a liability rather than an asset. If you get laid off after 15 years in IT there is high probability it may be the end of your career.

[Red Liner]

Originally Posted by adithya.kp

But I observed one strange thing in IT industry. The execs ( Directors/VPs etc) will somehow find a job immediately. Most of the time, even better than the current job. I know that connections matter. But getting a job at that level is no joke. Because the number of openings will also be less. I always wonder how they do.

etc.

A fantastic and carefully cultivated Nexus between job hunters, HR departments and candidates.

[Red Liner]

Originally Posted by saket77

Can't remember who said but so right that if you are living only on salary income, you are just one step away from poverty.

Correction: if you are living only on salary income and you have a family, you are just one step away from poverty.