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The Significance of Having Extra Income

Jul 11, 2020
5 Menit

If you already have a steady job with enough salary to fulfill your daily needs and savings ability, having an extra income has probably never crossed your mind. Things are a bit different if you have a tight salary and can barely pay off all your expenses. Truth be told, having an extra income is important even though you are satisfied with your fixed income.  The following are further explanations on how extra income can bring more benefits to your life.

Extra Income
Extra or additional income is an alternative source of revenue which you can get by doing a side job, apart from your main job. This side job can be in the form of business that you operate individually or joint business with several partners.

An extra income can be your lifeboat when your main income is no longer reliable. Take an example from the most current condition, where many companies are forced to cut some costs by laying off employees or even so far as work termination. Having an extra income allows you to prepare for the worst-case scenario.

Expanding Your Network
As you obtain extra income, you are carrying responsibilities from both your side and main jobs. Subsequently, your friend network grows larger. You are not connected only with your office colleagues, but also people from your side job. A large network of friends will bring great benefits, even more, if you join diverse communities. Having large connections is a valuable asset that you can utilize from time to time.

Improving Your Hobbies
Many people choose to turn their hobbies into side jobs that generate extra income. To use your hobby as an activity to make more money, you must improve your skills in that specified hobby. Even if you have excelled that hobby, keep on learning, and honing your skills for providing the best quality of products and services.

Once your side job has been successful and stable, you can try to develop a new hobby and turn it into another source of extra income. However, if you are feeling overwhelmed with managing side jobs and the main job, it’s time to improve your business management skill.

Source of Pension Fund
One prime significance of having an extra income is its ability to be a source of pension funds. Even though you are in your most productive years, it is best to start preparing for your pension fund as early as possible.

Since your main income has already fulfilled all your prime necessities, this extra income can be fully allocated as a special fund. You can use 25% of the extra income as an emergency fund, and the remaining 75% will be allocated as your pension fund. Make sure to separate your pension fund from your main account.

Separating your main or consumption account from your pension fund is important to avoid using the money that you have allocated for retirement. This will also help you to monitor your monthly expenses. By having separate accounts, you can easily evaluate how much money you are spending each month and how disciplined you are in allocating the extra income to the special fund account.

Now that you are aware of the significance of having an extra income, start carefully planning the necessary steps. You must split and balance your time, so your extra income won’t bother your main income. Don’t forget to calculate how much money you need to open a new business. 

Most importantly, you need to be sure that you have all the utilities to run your side job smoothly. Just use PermataKartuKredit to buy the equipment and materials needed for your business. It’s easy, you can apply for PermataKartuKredit via PermataMobile X. Full of benefits, PermataKartuKredit offers numerous special promotions for various merchants, such as discounts, cashback, and 0% installments. Now, you can press your expenses more easily!

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