Income from your passion
Imagine getting paid to do something you love! Whether it's painting, cooking, writing, or playing music, there's potential to turn your hobbies into extra income. It's like turning your passion into profit, adding a little extra (Rs sign) to your bank account while doing what makes you happy.
Sounds good, but how do I start?
Step 1. Identify what you do best – taking amazing pictures, painting, cooking fancy meals, or tearing up an audience with your witty jokes & puns.
To make it simple- It’s what you love to do every day!
Step 2. Show your skills to the world – Identifying your passion was the easy part, but what’s the point if people don’t know about it?
Create a portfolio, a show-reel or simply capture Instagram-worthy pictures and post them over a dedicated account. The idea is to establish your digital presence and expand your audience base to a global stage.
Step 3: Have a focused audience - Reaching out to people has never been easier. Find an eager audience or create one, through social media hashtags, identify and engage with social media communities, join topic-specific pages, and soon you’ll be conversing with 1000s of paying customers!
Step 4: Get the price right – You now have a potential paying business. This business not only pays you in terms of monetary value but also in terms of personal satisfaction.
In business, it’s always about your customer. If they like it, they will pay for it. But to begin, you need to identify the price of available products or product categories in the market and price it accordingly, it could be possible that you may have to set the initial price quite lower than the market asking price. But don’t worry that’s only to establish a paying customer base.
Income Saved is Income Earned!
Apart from saving up to Rs. 1.5 Lacs in tax-efficient instruments like PPF, Life Insurance, or Mutual Funds, there are various tax saving avenues you might be overlooking –
Medical insurance premiums can help you save up to Rs. 50,000. (Rs 25,000 for self, spouse, and children and Rs 25,000 for dependent parents below 60 years). Moreover, if the health insurance premiums are for Senior Citizens, then you can save up to Rs. 1,00,000 in total on medical insurance premiums.
You can also claim a tax deduction on interest paid up to Rs. 2 Lakhs for a home loan. Other tax deductions which you may have missed are – charity or donation, as well as interest on education loan. Saving on tax helps you to pay some extra bills and/or contribute towards your dreams.
Consult your financial advisor or tax consultant now and maximize your savings with some extra income!
Earn regular income smartly.
Investments are often seen as a form of accelerated savings where you can earn a little higher interest rates than those declared by the RBI. Staying invested in these instruments help you over the long term, but what about the short-term needs or the bills you need to pay in your day-to-day life? Can they be met with an additional income?
The answer is quite clear – YES, you can invest in plenty of second income instruments like dividend paying mutual funds, a Monthly Income Scheme or a fixed deposit which will provide monthly interest on your invested money.
You may also secure yourself with a Regular Income Insurance Plan ensuring financial stability while receiving regular cheques at your preferred time and in your desired amount.
As we embrace the opportunities that lie ahead in India's economic journey, let's remember the importance of having a second income. It's not just about making ends meet, it's about creating a more strong and secure financial future for us and our families so we can grow with our country.
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