BIZ TALK
Now, More Than Ever,
Having a Second Source of Income Has Proven Extremely Important
By Stacey M. Crutcher
We live in a time during the COVID-19 pandemic, where having a second source of income is a must to stay afloat in today’s struggling economic society. Having a supplemental source of steady income helps to alleviate some of the struggles most Americans face in a time of unforeseen layoffs, furloughs, and closures. When you have a second or even a third source of income, the funds generated each month help to cover monthly expenses - both those scheduled and those that are unexpected.
Photo provided by Stacey M. Crutcher
The concept behind creating multiple streams of income is nothing new. However, since the pandemic, more and more people have turned to social media and have invested their creative talents to generate passive secondary income from home.
If you think about it, creating any secondary source of income puts you in a better position than most. If you ever find your primary source of income lacking due to a reduction in hours for any reason, the benefit of a second source is that you will have extra income to fall back on. That extra income can allow you to stay afloat easier than others who may be waiting for unemployment or other assistance programs to kick in. When someone suddenly finds themselves out-of-work, it is not fun in most cases, and it is incredibly stressful. The recent uncertainty of reopening dates for business and when workers can expect to receive their next paychecks make it more critical than ever to create a supplemental income source. When you do, you help to offer a sense of security for yourself and your family. Think of this as cushion money for a rainy day. While additional money on-hand each month may be helpful, the ultimate goal of creating a supplemental source of income is freedom -
l a c ol ni a r ol e h t @ | m o c .l a c ol ni a r ol
the freedom to create and to do what you love while earning additional income on your schedule.
Lorain Local Magazine | page 44
