How young professionals are finding new gigs to diversify their income

livemint.com:

Legendary investor Warren Buffett famously said, “Never rely on a single source of income." Diversifying income streams can be crucial, especially when a sector goes through a downcycle, providing something to fall back on.

With new skill-based gigs emerging as viable options for generating income, more young professionals are now seeking jobs they can do in their spare time. Here’s a look at how some are pursuing their passions while creating additional income streams.

Raina Jain, a 32-year-old finance professional based in Mumbai, has been balancing a side hustle with her regular job since January 2021. While she spends her weekdays working for a media and entertainment company, she devotes her weekends to her passion as a professional organizer.

Alongside her business partner, Jain has steadily expanded this venture, building a small team that now handles projects even during weekdays.

“When I first started, weekends were the only time we could take on projects, and weekdays were meant to brainstorm on building content and awareness," said Jain. “We launched during the pandemic, so our early efforts were focused on building awareness on organizing through social media."

Jain started her side gig to establish a financial safety net for contingencies, as a well as build an education fund for her then eight-month-old daughter, besides bolstering her retirement savings.

At present, the organizing business accounts for 20% of her monthly salary.

She invests in mutual fund via systematic investment plans (SIPs), and actively manages her own stock portfolio, leveraging her qualifications as a chartered accountant. Equities make up 80% of her portfolio.

She has a health insurance policy from her employer with a base coverage