If 2020 has taught us something, it's never a good idea to rely on one source of income. Anything could happen, even a global pandemic can get you unemployed and stop that paycheck coming in every month—no wonder why an average millionaire, for example, has at least seven streams of income. If one of them fails, there are at least six more streams of income that generates cash. But building even a second source of income is not easy when you have a full-time job. But it's certainly possible. Building the second source of income is the most difficult one because the first one isn't that difficult. All you have to do is get a job that pays the bills. But once you already have the second source of income, you will have the luxury of free time to think, plan and build the 3rd stream of income. With the rise of social media, that has become much easier.
If you have a computer and access to the Internet,you have everything that's needed to create at least a second source of income from the comfort of your home. Hey friends, welcome back to the channel where you will learn stuff that actually matters. If you want to succeed financially, personally and want to take your life one step forward, then be sure to subscribe. Today, I am going to share with you five ideas that you can use right now to build a second or a 3rd or even 4th source of income so that if something like god forbids a global pandemic happens again. You have got yourself covered. number 1: Dividends The stock market is one of the best places to build wealth. Especially in the 21st century, with the rise of the Internet, it became much easier and simpler. Anyone with a smartphone and internet connection can start investing regardless of where you are. Some brokerage firms even stopped charging commissions even if you are investing less than a hundred dollars. But how do you make passive income through the stock market? One way to profit from the stock market is definitely through buying low and selling high; however, the second way is through dividends. Whenever you buy shares of a certain company,you automatically become one of the owners of that company, it might sound a bit absurd,but that's the reality; however, since the company is so big, being an owner of a tiny percentage doesn't give you any influence over the company, but you are still entitled to the profits that the company earns, that's what dividends are. Apple, for example, pays a dividend yield of 0.62 percent per stock, which is a little over 80 cents per stock.