If you are an employee and not happy with your salary and looking to make some side income, read this post carefully. Every employee can have 3 types of income without leaving their 9 to 5 job. Most employees don’t realize that their job is their biggest investment that can yield huge returns.
Here are the 3 types of income you can make while in a job: 1. Salary 2. Business income and 3. Passive income from investments.
You might ask, “I know that I will get a salary if I do the job, but how can I get business income while on the job?” I will discuss each one by one here.
1. Salary
If you are doing a job, you will get your salary. So one income is already covered. One thing you can do to improve your salary is to invest in your skills and knowledge.
Do courses and read books related to your field so that you can double your salary faster than your colleagues and friends.
If you don’t improve your skills, you will have to be satisfied with the 5 – 10% increments every year. If you want to get asymmetric returns, you should improve your skills.
2. Business Income
To start a business, you don’t need to leave your job. You can earn a side income while continuing your job. I always recommend everyone not to leave their 9 to 5 job to start a business.
The job that you hate is the dream job for someone else. If you want to check, just resign and wait to see how many applications HR will get for the job once they post a job notification.
Your job is the biggest opportunity you can leverage to make extra income; you just need to work 1 to 2 hours daily.
You can convert your experience and knowledge into an ebook, blog, YouTube videos, course, tweets, SAAS, etc.
People want to learn things from others who are already doing it. I started this blog when I was working as an HR Generalist at Akshaya Patra Foundation. Before that, I started 10 blogs on different topics like movies, quotes, and e-commerce sites, but nothing worked. When I got my job and started writing about the real things I dealt with in the job, like PF errors and withdrawals, I started attracting traffic and making more money than my salary with this blog.
You can do the same thing. Just share your knowledge with others and monetize it. You can choose any platform like a blog, YouTube, Twitter, ebook, course, or SAAS. But make sure to focus on one platform until you become successful.
In a job, you will get free premium softwares and practical experiences, and you do not need to worry about the immediate success of your online business because you are already getting a cash flow from the salary.
What you have to do is choose a platform, share your knowledge, and monetize it. And never forget to work at least 1 hour daily; 2 hours is much better. You can increase this time during weekends.
The hours you spend today will exceed your salary income one day. That is the real beauty of an online business, which gives you more freedom and choice in life.
In case you fail, it helps you in getting better job offers. You can include your side project in your resume. Suppose you have a blog related to your field, you can mention it in the resume. It will impress your future employers.
One of my friends who is working as an accountant got his new job, and his blog played an important role in it. So, even though he doesn’t write in it regularly, he still renews his blog every year.
3. Passive Income from Investments
Once you start making extra income, don’t spend it on luxuries like buying new homes, vehicles, and vacations. Invest that money in index funds, mutual funds, Bonds, Sovereign Gold bonds, and real estate.
If you are new to the stock market, start your investing journey by investing in index mutual funds, which give you a minimum of 12% returns in the long run. Suppose you have invested 1 lakh rupees, and with an interest rate of 12%, you can earn 1,000 Rs every month without doing anything. If you keep increasing your investment and don’t withdraw the profits, the amounts will compound and make huge returns by the time of your retirement.
To conclude, if you are an employee, consider reading this post again and plan to have 3 incomes so that you can live a worry-free life.
Hello! I’m Rajesh M, an HR professional with 10 years of experience in generalist roles and an MBA in HR and Marketing. I’m also the proud founder of hrcabin.com, a website dedicated to helping employees like you. At hrcabin.com, we offer support in various areas such as job search tips, career growth advice, information on labour laws, and useful templates for work. My goal is to make your professional life easier and more successful. Whether you’re looking for a new job, want to grow in your current role, or need help understanding your rights as an employee, I’m here to guide you. Feel free to visit hrcabin.com for more information. Let’s work together to boost your career!