A second income can be an excellent choice for people in many different situations, especially in times of economic hardship. Many people choose to add a second income in order to build a buffer against leaner times, adding to their savings, while others add a second income to keep up with their bills, and still others add a second income to have disposable income to spend on enjoyable pastimes. A second income can take the form of a single person taking on another job or building up a supplementary revenue stream, or can take the form of a spouse entering the work force rather than staying at home.

One of the most obvious times to add a second income is if a spouse has stayed home to look after children, and the children grow up. Even before they leave the house, once children become teenagers they do not need as much attention, and the second partner may have time freed up to find employment to supplement the family income. This can be especially useful if the children are starting to look towards college, as a second income can be put directly to a college fund, ensuring that they have enough money to attend.

Individuals may also consider adding a second income in the form of a second job. With costs increasing somewhat, families may find it difficult to pay bills, and especially difficult to put money away for times of need or retirement. Although a second job can add a hardship in terms of extra time spent working, the benefits of having a second income often outweigh these costs. People who add a second income often find themselves less stressed about finances, and able to more fully enjoy vacation time available by having funds to travel.

Many people look at building up a more passive second income to supplement their primary income, which overtime can gradually replace part of the primary income, allowing less time to be spent in active work. For example, someone able to pay their bills by working a 40 hour week at a regular job might take some of their spare time to begin pursuing a hobby that can pay off over time. For example, an amateur photographer might begin to put up some of their pictures on a stock photography site, or might start selling prints of their photographs online. An amateur writer might start writing short articles for sites that deliver residual payments, or might start a blog with advertisements featured on it. And an amateur musician might put up songs on an online music store.

Although these sources of income will likely be quite low to begin with, over time, as a portfolio grows, or as traffic increases, these sorts of things can become a genuine second income. Best of all, once they’ve been built up, they require a minimum amount of upkeep, allowing for more passive income to build. And so long as you pursue something you are interested in, you may eventually be able to replace your primary income with a secondary income that excites you more than your day-to-day job.