The COVID-19 pandemic has sent the world into a frenzy, with the grim recession cloud looming over our heads.

In Singapore, job losses are estimated to be 100,000 in 2020 alone.

This situation is sending us a sobering reminder that having multiple sources of income is no longer a luxury, but a necessity instead.

Apart from having different money sources to cushion the blows of a recession, alternative income sources create opportunities – it may help in supplementing your 9-5 job, provide you with an alternative to exit the rat race, or it simply fulfills the golden word of wealth building:

Source: kapwing

There are two types of income – active and passive.

Active income is the money that is earned directly from the work that is put in.
This is commonly known as ‘exchanging time for money’.

Passive income is the money that is earned