Last Updated on December 29, 2021
Most of us at some point or the other would have told ourselves: “how I wish my income was higher!” The reasons are obvious: high expenses, EMIs that we can almost drown in, the fear of not investing for our goals etc. Why just dream about it? In this post, I agree that a secondary source of income is important for most of us and why we need to start now.
Today if we talk about second income, making money online seems to the first choice especially among younger folk. Yes, the internet is a crucial component in making money online or offline today. Most of the wannabe bloggers, affiliate marketers, drop-shippers and Youtuber with dreams of making Lakhs each month are (much) less than 30. Sadly, most them are astonishingly clueless about how to get started, making the perfect prey to digital marketing gurus.
No, I am trying to say, I will show them (or anyone) how to make money better and they are the not intended audience of this post. I am writing this for those with 10-15 years of work experience. Practically of them would have picked up direct or lateral skills related to their jobs and I think they should seriously think about how to make money out of this.
This article is not for those who want a second income immediately and therefor not meant for the younger audience mentioned above. I am referring to building a second income that will bear fruit 5,10 or 15 years from now when we need it the most.
Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
Why a second income is important for everyone
Viewers may have seen this video recently:
We all need to be multi-crorepatis by the time of retirement. Crorepati is no longer a dream, it is mandatory. Therefore:
- A secondary income will supplement income from our retirement corpus, act as a cushion
- If we could not invest enough, we could live off the secondary income for a few years
- It will keep us busy and not pester our spouse or children after retirement–something we can wake up to do
- One can always do something for free to keep busy, but it will not suit everyone money is a good stimulant for many
- Hopefully, such an engagement will keep us healthy
Why we need to start work on a secondary income today
- If we start today, we will have an established service by retirement. That much time is necessary
- The secondary income would not be small then. It will be small now and that is perfectly okay!
- Do not put pressure on yourself – that you need the second income immediately!
Many young people make this mistake. Instead of learning new skills and using it to make more money, they look for shortcuts and give up when they fail. If equity investing needs patience, secondary income generation requires a lot more patience!
How should I build a second income?
Your work experience must have taught you skills on which your current income depends on, directly or indirectly. Make a list of those. Out of these, what would people find useful and pay for. That is a natural starting point of a second income.
Since time is on your side, you can consider learning a new skill (something that you always wanted to do) and then hope to build an income from it. Whatever you choose, the lower your expectations of success, the more successful you will be.
Series on secondary income creation
This is the second part of a series on a second income creation.
Part 1: Eight ways in which websites make money
Part 2: this post
Part 3: If you want to a start a blog, do this first! (coming soon)
Part 4: Two types of making money online and why you need to choose before starting (coming soon)
Video version of part 1
Video version of part 2
Also watch fresh content from freefincal on YouTube
🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥
Use our Robo-advisory Excel Tool for a start-to-finish financial plan! ⇐ More than 1000 investors and advisors use this!
New Tool! => Track your mutual funds and stocks investments with this Google Sheet!
- Follow us on Google News.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Join our YouTube Community and explore more than 1000 videos!
- Have a question? Subscribe to our newsletter with this form.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!
Explore the site! Search among our 2000+ articles for information and insight!
About The Author

Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts you and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu gets a superpower!” is now available!


Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low volatility stock screeners.
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any paid articles, promotions, PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing

Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want

Your Ultimate Guide to Travel
