Why do you want a second income?

Wouldn’t it be great if you were able to turn a hobby or an interest into a second income? Take this blogging for example. I am enjoying sharing my experiences and thoughts but it also has some potential to creating some small dough. Although the amount of income will be small (or none!) at the beginning the most important part for me is that this income is just an icing on the cake. If there is something you really enjoy doing give it some thought of and putting effort into monetizing that fun. I believe to keep it fun and enjoyable as well as making some side cash from it, it is also important to keep a balance so your hobby does not turn into a chore.

Examples of a second income

• Set up a blog to talk about your interests
• If you are into crafts try selling them
• Enter competitions to show off your hobby, such as sports cars
• Design websites for other people

So now that we have seen some examples and ideas here are some pros and cons that I have thought of about creating a second income of this nature.

Pros:

• Something you used to do for fun can be used to make some money
• You get to continue your hobby with an added benefit
• You share your joy with a wider group of people

Cons:

• It may take the fun out of your hobby making it feel more obligatory
• It will most likely take some time to mature to break even and generate a profit
• For serious growth, serious attention is needed

Making a website is easy these days and its start up cost is very low. Now that is a cheap hobby! So what should a young person do with this excess cash? I would love to blow it on fun entertainment but the smartest thing to do would be to tuck it away into some type of investment. I will go into more detail later about what I’ve learned about investing and my plans in doing so. Until then, enjoy your hobbies!