Why is it important to have multiple sources of income?

Are you someone who always has to live on the edge while waiting for your next paycheck?

Managing to afford the things you really need by not purchasing other things that you need?

Having to stretch a dollar to it’s maximum capacity just so that you could make ends meet for this month until you get your salary from that 9 to 5 job next month?

Do you think that your job is so secure, that you would never lose it?

There have been people who have worked decades at a job only to lose it the next minute.

What would you do if you lost your job right now?

In this post,

I will be walking you through the top 5 reasons why you desperately need to have multiple streams of income ASAP.

Without further Ado, lets get right to it….

What Are Multiple Sources Of Income?

Multiple sources of income are the diverse ways an individual earns money at different intervals,

There are so many different ways anyone could earn money, from a regular earned income, to a passive income, to capital gains or even investment income.

The list goes on and on and on.

Before we go ahead and start looking at how to earn this type of income, here’s a break down of why you need to.

5 Reasons Why You Need Multiple Sources Of Income

1. Create Multiple Sources Of Income and Stop Living Paycheck To Paycheck

Many people don’t usually realize that they are living paycheck to paycheck,

Most times it is seen as managing your money and spending wisely,

While this may be true,

It is very important to look at other ways that you spend the money that you earn.

To learn to use money earned from one source of income to create another source of income for yourself.

Instead of planning to buy that thing that you need next month,

Why not put that money into a new investment this month that will create a new income stream for you in no time.

Truth is,

You could spend months saving for things that you really want in life

Without even realizing that you have become a slave to a habit of always having to save more and spend less to get the things you need.

Having to wait for your next salary to be able to do the things that you want to do or things that you need to do.

So instead of spending less and saving more from one source of income,

Wouldn’t it be better to invest monthly in growing your sources of income?

So that in future you can save more because you have more income sources and then still have enough left to take care of yourself?

This way, you wouldn’t have to wait until your next paycheck, you can purchase the things that you really need when you really need them,

Because you aren’t depending on one income source.

2. Live The Life You Really Deserve

To be able to live the life that you really desire,

You need to have money and lets be real,

You may need a lot of it.

Many people want to live the life they want but don’t want to spend their entire lives working for it,

Only to retire at the age of 65 before you can start enjoying this money that you have worked so hard for.

Let’s be honest, you aren’t going to become financially strong by simply depending on one income stream,

You can only go so far with just one source of income.

There’s always going to be something that will come up that will need your attention,

A family member that may get sick and need hospital bills and etc

If you can’t help in these situations because you need are waiting for your next paycheck,

Then you really need to rethink things

Having multiple streams of income lets you live life worry-free,

Knowing that if anything should come up, that happens to cut off the source of one income stream,

You have something else to fall back on before you get it back up and running.

Having multiple sources of income gives you the luxury of having a choice on how you want to live your life,

Instead of how the situation or circumstances dictates that you should.

Having one income stream is like putting all your eggs in one basket,

What happens if the basket falls and all your eggs break?

3. Economic Recessions Will Hardly Affect You When You Have Multiple Sources Of Income

One very important advantage of having multiple streams of income is that you are hardly affected by economic recessions.

Imagine you had a 9 to 5 job, you also have,

Let’s say an online clothing store that is run by a virtual assistant,

You had a blog, a monetized YouTube channel and you are also investing in stocks from time to time.

If you ever had to go through the misfortune of ever losing your job,

Like most people sadly have right now in this period of the pandemic,

You would find that you wouldn’t be as worried.

Because you have other income streams that could take care of you while the situations of the economy were down.

Even if the recession causes you to lose money you invested in stocks etc,

You will still have other sources of income for you to rely on to keep you going.

4. Be Ready For Any & Every Emergency.

Things happen every day that we don’t plan for,

It’s a lot harder to pencil in these things into your monthly budget,

Especially if you are struggling to make ends meet or planning how you spend every single dollar from your paycheck.

Having multiple streams of income takes care of the issue of having to worry about what you would do if something out of the ordinary were to happen right now.

The idea of having multiple streams of income is perhaps one of the most underrated things in life,

Because when people think of income, they think of work.

Having your mind programmed to accept that only a full-time job is the way to go will leave you lost if a situation ever arises where you don’t have a job to depend on.

Having multiple streams of income helps you put yourself at an advantage of having choices in any situation that you find yourself in life,

Instead of having that choice taken away from you as easily as a job can be.

5. Be Able To Help Yourself & Others In Time Of Need

Ever been asked for help by someone who is really in need of it and still not have the slightest inkling as to how to help them?

Probably because you yourself are just barely getting by living paycheck to paycheck.

Oh, how wonderful it would be to be able to help this person, if only you had enough money to do do so right?

When you have multiple streams of income

You are able to help people around you, put a smile on their faces, and also teach them what it means to really live their life.

Not as a slave to a job that they could loose anytime, by having multiple streams of income,

They are able to live life worry-free, knowing that they can handle tomorrow along with all the surprises that it brings.

With multiple streams of income, You are able to help your family and your community,

Be the best that they can be, and also help others grow and learn from you.

Multiple Sources Of Income Ideas

1. Start a blog
2. Investing in Mutual Funds and Bonds
3. Start Freelance Writing
4. Sell your Skills on Fiverr
5. Create and Sell Online Courses
6. Drive for Uber
7. Sell Things on Amazon
8. Create a Youtube Channel
9. Design Items and Sell On Etsy
10. Start A New Business

Conclusion

Many of us were brought up to believe that the only way to live a financially secure life is to go to school, get a job and your job will take care of you.

While that works for some people, it isnt’t always the case, no matter the security of your job,

Life unfolds in ways that we sometimes don’t understand.

One day, that job that you have dedicated your life to may not want you anymore,

And by the snap of someone’s finger, it’s all gone, what would you do then?

Having multiple streams of income has a lot of benefits, it gives you peace of mind,

It helps you figure out how you really want to live your life,

Allows you the luxury of helping out other people in need, so why not?

While it will be so nice to have multiple streams of income,

Let’s not forget that it takes a lot of hard work and dedication to get there, but nevertheless, it’s never too late to start.