According to Xin Lu over at Wisebread, side income is something everyone needs. Here are a few reasons why you should start building an income stream outside of your main job.
1. It's a Personal Safety Net
Your side income can be your personal safety net against unemployment. Job security is really a thing of the past, and you should be prepared to lose that income at any time.
2. Control Your Income
Last year I did not get a salary raise at my job due to the economy. However, I did give myself a "raise" by increasing my side income. I have practically no control over the performance of the greater economy and my employer, but I do have control over my side income.
3. Have More Savings
This one is a no brainer. If you can earn more income and spend the same amount, then you will be able to save more and invest more.
4. Use Your Time More Productively
In the past few years, I have learned quite a bit in the process of building up my online income. At first I did not even make minimum wage for the effort I put in, but I felt productive and learned a lot. I did work that was worthwhile and interesting to me.
Photo by penywise.