Following are some ways from which you can step your foot into multiple sources of income.

1. Start Investing


This advice will sound like “Be Careful” from your oldies, but in today’s era, this is the most basic way to amplify your wealth generation process. It is a riskier act as well, but then some tools and advisors are there to aid you and assist you in mitigating that risk factor, by guiding you to take calculated & educated risk.

No doubt, if you are great at figuring out economic and market conditions, you don’t need an advisor. But in case, if you need one, these advisors, who are trained and have great expertise in personal finance, financial management, etc., will teach you enough so that it will not only reduce your risk factor but also help in the process of making money and founding the stepping stone for wealth generation.Investing requires the first step of DEMAT Account creation. If you have one, that’s great. Just open it and start investing. If you don’t have one, open it and land yourself in the world of Investing.

2. Improve your skill set and take up high-paying jobs


There was an ancient notion that once you get into a job, you don’t need to learn more. Just wash this away. Always be a rigorous learner. In this fast-changing and highly competitive era, your unique skill set will play your competitive edge and help you in making money more and more. Don’t wait till the next time of promotion. Learn new about your job profile and take the initiative to lead a team. Gradually and eventually, you will start noticing the add-ons in your basic salary.

Therefore, be an active learner and move ahead of your peers.

3. Ride Side Hustles


Even if you do a job, you don’t have to depend solely on your pay slip. Until you are not working 24*7, there are many ways to jump into a side income concept to make money and generate wealth.

Everyone one of us has some hobby or talent, and once we all wanted to work in the field of our passion. But that one factor, which did not allow us to land, is the failure of capital investment. This is something that none of us wants to face.

In this suggestion, you don’t have to invest your capital and create an infrastructure to follow your passion. All you need is to find that particular agent who is going to pay you for your skills. Some of the following can act as a kick start for your second source of income that will help you in making money more.

These are where you just need an internet connection and you can work from the comfort of your home.

  • Freelancing as a writer, blogger, graphic designer, web designer
  • Online tutor, Coach, Counselor

If you are not the tech-savvy one or are inaccessible to good network connections, then the following ideas can help you in making money, apart from your regular income.

  • Part-time professor at local college or coaching
  • Part-time gym instructor, if you are a fitness freak
  • Tax accountant
Whatever your job is, you have some time remaining, invest it in something to convert your hobby into a monetary gain, and move ahead in the process of wealth generation.

Save More

Remember, “The money saved is the money earned”. Saving money is another significant step in generating wealth. Once, you are earning enough to cater to your basic amenities, it’s time to switch ON to SAVING MODE. Keep in mind, that saving small amounts consistently is automatically compounding to substantial wealth generation.

For the same of same, inculcate these practices in your daily routine.

4. Create a budget


This concept is something like a resolution, that we all make on starting of every year, but as the fate of resolution continues, it vanishes away. So, improve that act and make a habit of making regular budgets. It will give you an idea about your planned expenditures and contributing saving funds. Not only this, but the proper allocation of the budget will also help you in tackling any unplanned expenditures. Moreover, the budgeting will also tell you about your unwanted expenses, assist you in managing money in a better way, and eventually help you to earn money.To maintain a feasible budgeting system, it is recommended to update it every month. There are of course many budgeting plans; the one which is followed most is the 50/30/20 rule. This methodology suggests that 50% of your income goes into essentials, 30% is spent on desires and luxuries, and the rest 20% is affirmatively kept in a savings fund.


5. Always build an emergency fund


Can you imagine a sailor without a compass or a traveler without any map? That is something a spender looks like without a budget, and will eventually suffer a financial crash. Therefore, make budgets and spend accordingly, to make money and generate wealth.

An emergency fund bag acts as a savior in your unexpected life events, such as the loss of your job, any huge medical emergency, etc. Such happenings can disassemble your wealth generation activity if you aren’t backed by an emergency fund. Two common things that you can step in can be selling out securities and paying off debts.

When you start incurring debts, the funds move exponentially downwards. The end is not here, what about the interest acquired on debts! On the other hand, if you start selling off your investments, you will lose the amounts and interests earned, in the future over them. Hence, to avoid such incidences, building an emergency fund can be a justified decision.