Only one source of income can not be enough to fund the happy and luxurious life style. If you want to improve and maintain your life style, its cost gives a higher burden on your only primary source of income. Today average man has also started to dream big. So, to live and maintain a happy luxurious life, you should require to generate a second good source of income.
Some of the important requirements of a happy life are as follows
- Own home
- Own car
- Higher education of you kids’ from good institution
- Required amount of fund for child’s marriage.
- Retirement planning
- Medical coverage
Good Sources to generate Second income
Fixed Deposites : Fixed deposites are done for a fixed period of time and banks give a fixed rate of interest on the deposited amount. But, with rising inflation, the higher rate of interest on fixed deposits also not able to offer any real savings on the money deposited.
Stock Market: Stock market investment involves risk. So, Investment in stock market requires expertise. If you do not have knowledge of this market then take the help of experts or you can also invest in it through the mutual funds. But, the return on this investment could also be the highest one. As we all know that higher the risk higher the return. You could trade in the stock markets through equities, commodities and bonds.
Investment in Property: You can invest in the property to get higher return. To get higher return from property, you should require to grab an opportunity such as buy low-cost land at the place where any govt. project has to come and sell it when the land takes enough hike because of this project. You could also buy property to earn rental income.
Investment in Gold: Gold is also a good source for the investment of money.
Buying insurance & mutual fund Products