"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.

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 -

In this digital age, the power of remotely earning multiple streams of income from anywhere with the internet has increased as more people are now beginning to understand the importance of income diversification.

When you diversify your income, you open doors to new opportunities. Sometimes these opportunities come in the form of a new career path you would have never dreamed possible before. Another undeniably important possibility is that you bring a level of security to your family that you can rely upon during unexpectedly hard economic times.

There are various ways to generate a second source of steady income, though some ways have more of an advantage than others. Freelancing, for example, allows people to offer services for hire while remaining in control of many aspects of their day-to-day lives. Another is by representing a brand or selling products and earning a commission on multiple levels of advancement.

These roles allow most people to work a full-time job at the same time and leave their supplemental income potential up to their time commitment and efforts alone.

While most supplemental sources of income do not provide enough to support a family, these sources can be a way to help bridge the gap between paychecks and help sustain your household through any time of economic uncertainty.

If you want more ideas or tips for creating a secondary source of income, follow Working from Home With Stacey online.

About the author: Stacey is a writer, author, freelance blogger, and publisher of the website Working from Home With Stacey, a business blog started in 2014. Initially tailored to the workat-home parent, the blog has evolved over the years and is now serving aspiring young entrepreneurs. WFHWS is a place where small business owners, as well as work-at-home parents alike, can find a wealth of information on how to start, market, and manage a successful business from home. Stacey's inspiration for starting the blog was to not only educate but help people eliminate barriers when it came to earning income from home. Making money from home could be a choice or the result of various challenges such as adversity, an economic downturn, or a pandemic. She hopes that by sharing her experience, online tips, tools, and resources, she will make an impact by helping others around her to become more aware of their options – most importantly, educate others on how to start businesses of their own, and break down barriers when it comes to earning income from home." Stacey's mission statement is "to help encourage, motivate, and inspire our next generation of entrepreneurs to create a profitable online business from home." Her vision is to continuously grow and teach as she expands her platform to become the next online go-to source for business and marketing tips. She wants to provide an online culture for entrepreneurs of the future to exchange ideas and share their business expertise and knowledge not taught in school.