The Importance of Second Income

By Vincent D’Sa
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October 30, 2019

To understand the need of having second income just has a glance at your own village today. Check how many employees are retired from active service whether it is government or private sector. Compare that against how many students are getting ready for the position those are getting vacant and the industries coming up creating new job opportunities. Then apply that reality check to a larger geographical area like your district / state. This frightening imbalance in demand supply ratio will explain you why there are no jobs and fewer salaries.

My aim is not to make you feel uneasy and depressed. Just to make you understand where we are going wrong and the importance of having the additional source of income. The most stressful job is not the job which we do for whatever salary and position but being unemployed and then being lowly paid. This alarming imbalance is going to stay for at least another two decades hoping that by that time population control will have some effect on job market.

The educational stream which we are select should give us shelter for at least two years in the beginning with at least average income. This is not the scenario now. This is very much true with engineering qualified students. I have witnessed a girl approaching, asking help to secure a receptionist job in Dubai being qualified as software engineer! We have to blame ourselves for this scenario. We entered a category being very well known that the supply demand ratio is hugely imbalanced already. When we select a particular category of subjects’ kindly check the ongoing job market scenario in that field and investigate would be scenario for next five years after the basic graduation is completed. Or else we will be facing unpleasant scenario in the beginning of the professional career itself.

India is going to face one more concerning scenario, the reduction of interest rates on savings to make people spend more to push production. Whatever comfort level of fixed deposits we may be having in the banks, interest generating is going down, along with that our comfort levels. Considering this, necessity has come to stay active by earning our daily bread until we remain physically fit even years after retirement and having sufficient money generated by interest on fixed deposit. No amount of money can give actual peace of mind. The other challenge now a day is to safeguard hard earned money considering the financial frauds. One minor mistake, carelessness and over confidence can destroy everything in a second by pressing the wrong button on cell phone! That is why safeguarding the money is also should be given equal importance as the way we give for earning. Periodically cross checking on security measures is an absolute necessity.

Considering all this the necessity has come to have a second income generation for every individual. Gone are the days where we preferred an employed partner to share financial burden of having own family. The immediate would be necessity is at least one of the spouse should have a second income. Typically this is challenging at times and quite easy also. Easy because our talent / passion may be successfully converted into as a source of it. Tough because of our negative mindset, lack of awareness and social connectivity. Generally once we are employed we let our curiosity and preparedness die and cry only when absolute necessity strikes. A good singer can teach singing to kids, person good at drawing may teach drawing, those good at playing music instruments can start music classes, and those good at chess can start teaching chess and so on. The list of sources of second income is quite big. When we serve our passion / talent we don’t feel tired and stressful even being employed working full day. This is the big advantage for everyone. Even at times we may feel that the special feature we had has subdued over a period of time by not using it regularly. Sine it is our passion igniting it again won’t be a huge task. The income generated on our special abilities and skills are going to be under our control and hence may be grown over a period of time. Any other income including share market investment fluctuates too often creating tensions.

Lavish spending should be taken into consideration and controlled under the present circumstances. For others opinion we pay a heavy price life long. After the salary, transfer the saving amount first and then spend rest of the amount, not vice versa Savings comes before spending. If we can teach about handling of money at school level many future disasters may be avoided.

In this restless life we also need to give sufficient importance to recreation or else we may break down .To balance the missing recreation going for second income , we should dedicate a full day on weekends for joyful activities connecting either with people or nature. For the people those plan second income connectivity becomes an absolute necessity. Being well connected serves as a big advantage throughout our professional career. There is a drastic fall on this count; the space is occupied by social apps where the emotional bonding is totally absent. Sadly we misunderstood this as connectivity. Its not, what we are doing is an electrical wiring where human face is masked not to show originality and emotions. Only genuine people are going to succeed in having successful second income because these activities are somehow linked to serve the emotional support in the client under present social scenario. Or otherwise absence of the client will be felt immediately as the way present was felt, sudden without any expectation.

The situation in India and elsewhere is concerning. Young student s those are about to complete basic graduation may not know how it is going to hurt them since so far they are not into war zone. Those are employed in certain sectors are aware of their precarious situation. Anytime curtain may fall without any formal warning signs. Reduction in salary, no expected increments are going to complicate the situation further .Ask those who have lost their jobs suddenly and not having parallel income, their plight will tell you why we need to have a second income.

That is why, don’t wake up by accident. Identify the warning signals at young age. If you are reading daily news papers the current economic situation should motivate you to think about this seriously. Job cuts, production cuts, introduction of modern technology, use of artificial intelligence and competitions have a telling effect on job prospectus. Have a designed purpose. Have money in hand at enjoyable time in life rather at old age being wake up late. Negativity and defeated mindset is not going to help anyone. Only initiative will. I have witnessed a few people whose second income is more than their fixed salaried income .Model those people who are successful. They are there for a reason, not by chance.

Comment on this article

  • Stevan, Muscat

    Wed, Nov 6 2019

    Nice write up. Let us do not wait until the situation force us to act.

    Agree [1]

  • Deepa, Bangalore

    Mon, Nov 4 2019

    Well said, with examples. True, today the necessity of second income is felt more than ever before. Times have changed and with nuclear families we are not sure if we can fall back on some other family members to support us should bad times befall us. At the same time, cost of living is going up and the regular income is just enough for most to make ends meet. While the situation seems grim, like you said, it is easy to find source of second income, as almost all are gifted with some talent or the other. It is just for us to sharpen our skill sets while there is still time, and make use of the skills when we need another source of income.

    Agree [3]

  • PINTO, Mangalore/Dubai

    Fri, Nov 1 2019

    Thank you Vincent for this very informative article..an eye opener for all those who spend lavishly and don't think about tomorrow. Even a small savings today will bail you out when you loose your job and the entire family is depending on your income.

    Agree [5]

  • Joan, Dubai, UAE

    Thu, Oct 31 2019

    Very well explained... what an encouraging reminder to each one of us, especially to the youth as a guide for their future...Hope that many people will read and follow/do this strategy to become a successful one...Thanks for sharing and God Bless you always Mr. Vincent.

    Agree [5]

  • Joan, Philippines

    Thu, Oct 31 2019

    Very well explained... what an encouraging reminder to each one of us , especially to the youth as a guide for their future success...Hope that many people will read and follow/do this strategy to become a successful one... Thanks for sharing and God Bless you always Mr. Vincent.

    Agree [5]

  • Janice, Dubai, UAE

    Thu, Oct 31 2019

    A must read article. Up to date topic. Pointers given encourages each one of us to be more prepared for future shortcomings. Think of having the second income too.. Informative article.. Keep on writing Mr. Vincent!! God Bless

    Agree [9]

  • Michael sequeira, Pamboor/Nairobi

    Thu, Oct 31 2019

    Well said Vincent.Hope the readers understand and follow your advice.
    Financial management need to be taught from early age and as Albert Einstein said saving early has the power of compounding and is the eighth wonder of the world.Save early in life to have a substantial return later in life.
    If you experince the Guju mind about earning,spending,exposing to real life ,you will have a taste of the financial returns.

    Every activity should be centred towards productivity and income and the long term rewards shall prove the untold.

    Agree [10]

  • Michael sequeira, Pamboor/Nairobi

    Thu, Oct 31 2019

    Well said Vincent.Hope the readers understand and follow your advice.
    Financial management need to be taught from early age and as Albert Einstein said saving early has the power of compounding and is the eighth wonder of the world.Save early in life to have a substantial return later in life.
    If you experince the Guju mind about earning,spending,exposing to real life ,you will have a taste of the financial returns.

    Every activity should be centred towards productivity and income and the long term rewards shall prove the untold.

    Agree [7]


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