Every financial guru or financial influencer is talking about building multiple income streams, especially considering the current financial scenario. We’ve discovered that almost all of our financially sustainable users have several different streams of cash pouring in every month. Hence, we at PickMyWork want to focus more on doing gig work to generate dual or multiple income streams.
How to Build Different Streams of Income?
It’s hard to rely on a 9-5 job for your entire livelihood with layoffs and pay cuts always around the corner. ‘We as a gig marketplace strongly believe that it is always a wise thing not to put all your eggs in one basket.’
So, PickMyWork is suggesting some cool gig work options for you:
The process entails enrolling a merchant or a business to use a payment platform or to become a vendor. Just follow the simple steps:
- Verify the merchant’s identity,
- Merchant’s Business information, and
- Merchant’s Financial information
- Set up the merchant’s account and payment processing capabilities.
Pro Tip: Gig worker helps the merchant to increase business sales, avoid bad checks, enhance the customer shopping experience, faster and more secure payment structure. Thus, increasing the business visibility and helping the merchant to manage money and sales in a streamlined manner.
Bank Account Opening:
This process typically involves gathering:
- Financial & personal information about the account holder, and
- Provide documentation for verification
- Explain the terms and conditions of the account, including interest rates, fees, and other features.
Pro Tip: Gig workers must familiarize themselves with the digital world of the bank – great savings/ FD interest rates, good credit cards, loan opportunities, etc.
Trading Account Onboarding:
India’s millennials are driving a surge in stock trading during the pandemic. In the first six months of coronavirus lockdowns, CDSL (Central Depositories Services India Ltd) — one of the country’s leading securities depositories — saw a near 20% rise in new accounts (known locally as demats), hitting more than 25 million in a month.
A brokerage firm first verifies the information and sets up the account, which:
- Involves providing the account holder with access to their online trading platform,
- Provide an easy way to buy and sell securities on various markets.
Pro Tip: Gig workers must clearly understand stocks, bonds, and mutual funds. They should be able to identify people in their network who will be willing to invest their savings in a trading account.
According to reports from the banking system, in 2021, over 1.2 million new credit cards were issued in India, which increased the number of credit card holders to 62 million. Finance experts predict that by FY 2027, the total value of credit card transactions will reach INR 51.72 trillion, growing at a CAGR of 39.22% between FY 2022 and FY 2027.
The goal of selling credit cards is to provide:
- Consumers with a convenient and secure way to make purchases and access credit,
- Promoting the benefits, such as rewards programs or low-interest rates, and
- Helping consumers choose the right card for their needs.
Pro Tip: Gig workers should know about the offers associated with credit cards. In addition, gig workers clearly understand how to educate their target audience about credit scores and disciplined usage of credit.
Here’s why you should consider choosing gig work along with your primary source of bread and butter:
Gig work helps diversify an individual’s portfolio, reducing the risk of relying too heavily on one source of income.
- Learning opportunities, taking on projects that require new skills or knowledge, and allowing yourself to learn and grow professionally continuously.
- Work with professionals from different industries and make valuable connections for future career advancement.
- A sneak peek of entrepreneurial experience, serving as a stepping stone for individuals who aspire to start their businesses.
- A flexible way for individuals to transition into new career paths, without the commitment of a full-time job.
In conclusion, while gig work has its challenges, it can provide valuable skills development and career advancement opportunities.
From remote gigs to field gigs, we provide a wide range of flexibility with earning opportunities that would suit you. Do you have a unique ability that can turn into money? Download PickMyWork App now!