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Apply NowMeeting your expenses with your primary source of income and then saving enough for your financial goals can prove challenging, especially when expenses are on the rise. That is why increasing your income is always considered a smart move.
When it comes to increasing your income, it is not very difficult. You need to dedicate time, energy, and effort to supplement your income. Moreover, for increasing your income, there are two options that you can pursue, in addition to your regular job – a side job and a passive income.
Having a side job means having an additional active job that pays you money. For example, say you are employed and working in a 9 to 5 job. After your job timings, if you start giving tuitions, your coaching can be a side job through which you can earn. Similarly, you can become a stock trader or an insurance agent on the side and earn commissions on your sales while pursuing your full-time job.
Passive income is when you don’t work actively yet earn an income. For example, if you let out your property and make a rental income, it is your passive income. Similarly, the interest income you earn on your investments qualifies as a passive income as you are not putting in additional time and effort, yet you earn.
So, if explained in a one-liner, the difference between a side job and a passive income can be summarised as – one involving active engagement while the other does not.
When it comes to choosing which one is a better alternative, there are different factors that you need to consider. After all, what’s right for you might not be suitable for others!
So, to find out which one is right for you, ask yourself the following questions:
Okay, so this requires a little calculation and consideration. You need to figure out how much additional income you need to generate and why. Then you need to see if a side hustle or a passive income helps you reach your goal.
For example, say you need to supplement your income by Rs. 10,000 every month to make a down payment on your home. In this case, if there is no source of passive income or if your passive income is limited, you need a side hustle to add up the money required. So, if you start a coaching class or become an agent and add Rs. 10,000 or more every month, a side job would be ideal. On the other hand, if your passive income can fulfil your goal, you don’t have to put in extra time and effort in a side hustle.
Every goal has its own specific timeline depending on your needs. For example, if you want to create a secured corpus for your child’s higher education and your child is currently an infant, you have 12-15 years to save up this amount. However, if you want to buy a car or make a down payment on a home in the next year, your goal is more urgent. Depending on your timeline, you need to assess which source of income would generate the additional savings you need. You can temporarily take up a side job and save up if you have a short-term horizon. For long-term goals, however, passive incomes might work.
A side job requires additional time. This is relevant if you consider a side job to supplement your income. You need to see if you have the spare time to devote to your side hustle. If you do, your side hustle can help you earn. If not, a passive source of income would be the better alternative.
This is another relevant question when you are considering a side job. You might have to invest money into your side hustle to make money in some cases. For example, if you start coaching, you might need to invest in a place that can serve as a coaching class. Similarly, if you are starting a business on the side, you might have to invest money to set up the business and operate it. So, you need to ask if you can invest and how much.
If, on the other hand, you are not looking for additional investments, no investment is required on your part. Just download IDFC FIRST Bank's refer and earn app, register, and start earning.
Ask yourself these questions and assess which one is a better alternative – a side job or a passive source of income. A passive source of revenue usually works if you have assets at your disposal. If you don’t, considering a side job is a better choice.
When it comes to getting a side job, IDFC FIRST Bank MyFIRST Personal Loan Partner Program can be an ideal choice. It is a personal loan referral program wherein you can earn an income when you refer your contacts, and they avail of a personal loan from IDFC FIRST Bank. Have a look at some unique features and benefits of the program:
So what are you waiting for? Join the IDFC FIRST Bank MyFIRST Personal Loan Partner Program and get a side hustle to supplement your income. After all, there is nothing called too much income.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.