Generating Multiple Streams of income.
Multiple Income means having more than one source of income.
It’s also called side hustle, or passive income.
It can also be called ‘Multiple Sources of Income’, that is, having more than one source that generates money for you.
One of the secrets of most successful rich people in the society is that they have more than one source of income. They ventures into so many businesses and investments that generate money for them.
Just like a river never runs dry because it receives supply from different streams, you will never see a man that has different streams of income go broke.
It is very important for everyone who desires to become rich and wealthy to ensure that they have multiple sources of income. The secret of unimaginable oceanic wealth is multiple streams of income.
The sea or ocean never run dry whether in rainy or dry seasons. The sea stays alive and full at all times and during all seasons.
Your primary source of income may be your salary, your business, the return from the service you rendered or other things.
Why should you have other means of income?
* It relieves you of financial pressure.
Depending on what you are getting from your primary source and your daily/monthly expenses. Often time, your income may not be enough to cater for your needs which might eventually lead to financial pressure. Having other sources of income will help you augment your expenses and remove whatever pressure that might arise as a result of insufficient fund.
* It’s a right path to financial freedom.
One of the Pathway to financial freedom is to more sources generating income for you. Like it was mentioned earlier, when you have multiple streams that produces for you, money continues to flow in and accumulates to a great proportion. You even make money while you sleep because money is now working for you instead of the other way round.
* It guarantees Financial Security
Bad things happens, business fails and investment may go wrong, those are some of the things that are inevitable in life. But it’s sure that everything can not go wrong in all your sources of income at the same time. If you experience bad time in one of your sources, you are sure of having others yielding for you and you are more secure and free from any form of fear.
At What Point Should You Think Of Having Other Source Of Income?
Even though it was said that it’s the right thing to do to have multiple streams of income as someone that has financial intelligence, some people still sees it as an option and not a mandatory thing, especially when they feel they are okay with their primary source of income.
Since this article is to enlighten you and help you to manage your.
The following are pointers that you need other Sources of Income
1. When you primary source of income can no longer sustain you or meet your needs. At the point when you notice that your needs have outgrown your primary income and you can no longer cater for your needs, it’s a pointer that you need other sources to augment your primary source.
2. When you notice there is pressure on your primary source of income. Pressure comes when there are more things to do but Limited fund to make it happen. At that point, you should know that you need other things to be bringing money for you.
3. When you can no longer save out of your primary income or existing sources of income. If you are the type that saves specific amount monthly, and you notice your can no longer meet up with that amount again due to other expenses, it’s a sign that your expenses have increased and you need more money (more source of income) to meet up with it.
4. When you begin to accumulate debts. Accumulating debt is a sign that you have should have other means of income. Accumulating debt means you have more financial responsibilities to catch up with than your current level of income. Rather than borrowing, you can look for other business to venture into.
5. When you have a project to execute or have a target to meet. Ya, when you have a project at hand, like building project, saving target, school fees etc, other source of income will accelerate your target and help you realize your goal with ease.
6. When you have increase in responsibilities. As a family, when the number of your children begin to increase it means more responsibilities, when any of your children enters higher institution, when you move from a low cost house to a high cost house, all these are additional responsibilities. If you are to cater for the additional responsibilities with the same level of income, it might bring financial pressure on you, so the best thing to do is to look for other ways to generate more income.
What should I consider before choosing other streams of income?
The following will guide you on what to consider before you choose other sources of income.
– Your Availability
– Your Financial strength
– Your Personality
– Your Location/environment
– Your passion
– Other people’s passion
– Your resources (things you have around you that can generate money for you)
– Your Skills
– Problems around you.
This will be discussed extensively in the next article, watch out for it.
Areas You Can Explore For Passive Income
2. Buying and Selling of products
3. Online Business
4. Rendering Services (laundry, photography, writing etc)
5. Money Market
6. Network Marketing
7. Treasury Bills
8. Company Shares
More on this in the next article, watch out for it