How having a secondary income stream can make you happier

How having a secondary income stream can make you happier

Have you ever heard the phrase “they must be doing well; look at their second country house.”?

Well, this is one of many potential benefits of having a secondary income stream.  There are many more though and we will talk about them below.

Having a secondary source of income is not for everyone and does come with its own risks, but for those that want to explore it as a way of escaping from the 9-5 routine or those who are looking to find a new career path, this is an excellent option.  Let’s talk about why now.

Happiness

There is a company named Gallup which does polls on people’s wellbeing across the world and they found that a person’s overall happiness is not related to their salary. In fact, it found that having a secondary source of income was more important in the outcome of a person’s overall happiness levels.

The most common ways people achieved this were through investments, living off interest and rental properties.  It should be noted though that these are also the riskiest ways to go about this so you should do your research before embarking on this.

Increased Income

Probably the most common reason people are looking for secondary income streams is because it will increase their overall earnings and give them a better quality of life.  This is true, but it’s not as easy as that and you need to be patient with it.  It can take some time for your new secondary source of income to get rolling, months even.

If you do it properly though, you will see an increase in income in the long run and this is almost certainly where most people who are looking at secondary sources of income are coming from.    They want to make money and lots of it.

Increased Job Satisfaction

A side effect of this increased income is that you will probably be earning more than most people in your profession which means you are in the “top percentage” of earners in your industry.  This can lead to job satisfaction on its own, but it doesn’t end there.

Another thing that will increase job satisfaction is the fact that you are now in control of your career path.  Tired of working for others and want to start working for yourself?  You can do it with a secondary source of income.  If you’re not sure how to go about this, we suggest you read about side hustles.  This is where having a secondary source of income really kicks in.

A new career path

The reason most people are looking for alternative secondary sources of income is to have some sort of freedom from their jobs.  They want to be able to work on their own time and not have someone constantly breathing down their neck.

If you’re looking to get out of the 9-5, this is your best bet.  All you need to do is setup a website and/or social media pages that are related to what you want to do.  Then it’s all about marketing yourself or your business in whatever way possible.

We have some tutorials on this site that mention how to set up a website.  If this sounds daunting, fear not as there are also social media pages you can create without any coding knowledge at all.

Also, having a secondary source of income does not mean giving up your current job and trying to live off that money (potentially).  You can do both, but you need to be smart about it.  We suggest starting slow and only delegating the time you will spend on your new business, not money (the more money you spend, the less chance of success).

The key thing to remember is that with a secondary source of income (be it anything) you are your own boss, you can do this on your own time and most importantly,  the freedom to pursue whatever career path you desire.  This is why people are looking for secondary sources of income in the first place so it’s an excellent way of kicking-starting a new career or just being happier overall.

I hope this article has been helpful and that you will now start your own secondary source of income.  Good luck!

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Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,500 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

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