Wealth Guide: Extra Income - How professionals can earn fair and legitimate additional money

Wealth Guide: Extra Income - Stock Market: Uncertainty is the preamble of the most mysterious book ever written, Life. The rest of the story revolves around planning, struggle, perseverance, and acceptance. Though contingencies cannot be avoided, their impact can be minimised with the right planning and strategies. To millions of people across the world, life turned topsy-turvy when the COVID-19 pandemic afflicted the world with lockdowns, health emergency, market crash, and lay-offs. Indeed, meeting monthly expenses and maintaining a decent standard of living is a challenge before the majority of families in the current time. And, adverse macroeconomic factors are allowing rising inflation to come down. Except for those working professionals who were also earning money through other legitimate means, a large section went through a long rainy season amidst this turbulent time. Alok Kumar, Founder and CEO, StockDaddy, shares his knowledge on generating extra income and how professionals can earn fair and legitimate additional money:-

Need for parallel income

"It is true that in a hectic work schedule, finding time for a side gig is almost impossible. But, trading or investing in stock market doesn’t ask for hours of daily sitting. Even 30-45 minutes of commitment in any hour of the day can add a decent value to one’s monthly income and may avert the potential crises due to financial instability. People who regularly invest in stocks are familiar that how professionals can generate substantial passive income without compromising with their primary work profile. Simply, investing 10-15% of one’s monthly or quarterly income in stocks can create a large amount of money in the long-run because of the compounding growth of returns. This passive income from the stocks is the return of one’s investment in companies. If s/he invests in dividend-yielding stocks, then the company offers dividends at regular intervals, usually, after every quarter. On the other hand, people can enjoy intermittent returns through IntraDay Trading, Positional Trading, Cash Equity, Derivatives, Commodities, and other investment options in Indian as well as foreign stock markets. The incomes people generate from stocks do not only ensure an extra inflow of cash but also enhance their financial and social security. Moreover, trading or investment in stock market does not need anything except the initial financial investment and knowledge-based decisions," Alok Kumar said.

Fit for all

"From a college-going student to a retired teacher and a working professional to a housewife, anyone can earn extra after gaining the fundamental knowledge of stock market and how the analysis tools work. Like other business activities, investment in stocks is also subject to financial risks which can be reduced to a great extent with adequate knowledge of this domain that can be acquired after taking short-term professional courses in stocks. These days, people have both offline and online options to pursue such courses. It is important to understand the core of particular topics which can be learned through specially designed programs. Gaining knowledge through relevant sources is mandatory," Kumar added.

Conclusion

"Stock market gives individuals all possibilities to generate free-hand and compulsion-free income. They can work in this field according to their own independent schedule and choice. To them, trading defines more freedom and independence of financial flow than any designated job in the world. And, application of correct knowledge and strategies reward them with passive income to meet their needs during the good times and help them stay strong in emergencies," he concluded.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)