Agree you have so many desires in heart and eyes full of dreams.
That stays the dreams and desires… if we keep relying on the single income. All we need is to understand the benefits of multiple income streams and take action accordingly.
Everyone has their own life perspectives.
Some work for the money while on the other hand some work for the knowledge. But when you have so much desire in own self, just a single way of money comes in, is not possible.
Concept of multiple income streams, focusing on developing more income source instead of relying on a single income. Further sharing…
Reasons why you need multiple income streams and stop relying on a single income.
Develop a money-making skills & expertise
Instead of delicately doing the job until the retirement age, we need to look for improving our skills. Because may there will be no Boss & this company with you, when you go bankrupt or broken.
There comes, a skill set you to have which brings you out of that harsh situation.
Going to work, Because we need the money
We need money, So we have to go to work
That’s the dogma we are following, but instead just working whole day & life. We have to create our own name by sharpening our skills. And that’s skill will, later on, fetch money for us.
So just don’t rely on a single income, instead of that focus building skills.
Keep updating yourself and learning new things
Economy & industrial standards change very frequently, and those who are not able to change with it will fail. According to the market & work requirements, we have to keep learning new concepts & works.
Updating yourself is the thing which we must do today. May it happen that, the profession we are in, become obsolete in the future.
But when we have other options available, we don’t need to worry.
And this new profession also benefits as multiple incomes stream to let the money in. Don’t hesitate if you have to change the job, think about the better future it follows.
Money comes from a single income source that will leave you with no other option.
Side hustle: Generating extra Incomes
Working in 9 to 5 jobs, and resting after reaching home may seem relaxing today. But it won’t in the future. We used to think that we are done for the day. No, we aren’t.
We have to use the extra time for ourselves, for our skills, for our family, and for generating more income sources. A side hustle is first & foremost way of creating multiple income streams, to fulfill your desires.
Just don’t rely on a single income, use your time well. Look for some work from home jobs in your free time, that develop expertise and some side income in pocket.
Passive incomes: Money that works for you
In side-hustle, we are actively working to generating extra income. While on the other hand, in the concept of passive income, we let our money work for us.
We manage or invest money in such a manner that generates extra income itself, instead of one source of income. Learn how to manage money in your 20s, and that all will result in an insecure future.
That’s the difference that makes an impact in life. Active income comes only when you work for it, but passive income is generated based on how you manage your money.
Single income source for one expense
When you have different income sources, you can effectively plan a future of yours and your family as well. As now we have multiple income streams, we can allocate that for specific purposes.
One source for daily expenses, one for family & personal insurance, one for Saving & other for investments.
But when we are relying on a single income stream, there we used to postpone our saving & investment decision. Hence, in order to give our family a bright future, we have to work harder & develop the other streams of income.
Saving & investing, is most common way
If there is a single source of the income, we have, then probably it’s been very difficult to manage money accordingly. And so, there is a micro portion we have left for the saving & investments, after incurring all needful expenses.
But when we have multiple income streams, we can manage that as per the daily expenses & saving, investments, as we planned for. Single income won’t let you diversify your money in between saving & investments.
Secure future possible due to multi-stream of incomes
We are getting a good salary at the month-end, that’s good. But not for the long. Because the prices of the products increase faster than their incomes.
So in order to fulfill our needs, and not to leave the things by checking the price tag, we have to find multiple income streams and not to rely on single income source.
Managing money well is also one thing to do in your twenties, when you are in the early career stage. We need to look for the future as well, what if we lose the job or AI take over the work we are doing right now.
What will be our income source, then? All need to prepare for that in advance.
No requirement to take a Bank Loan
We end up taking a bank loan if there are single income source and multiple expenses to spend on. To prevent ourselves from the debt of the bank, we need to think about the benefits of multiple income streams.
Due to having multiple income streams, we feeling relief that we don’t need to borrow money from the banks. Relying on a single income leads you to postpone your dreams and even to take a loan.
Don’t just rely on 9-5, Use time wisely
Believe or not, but we all are waiting for the situation to occur and then we take a step. We know the things may go worse, but still, we wait for it to happen.
We are habitual in our life and think like doing 9-5 is enough for us. One job, single income source will not give us a better future. Having multiple income streams benefits your future self more.
We have to work harder & smarter and focus on our skills. Skills that become a moneymaker for us in the future.
Looking for some passive income options, the read our article on Career where you can work from home. Hope that helps.