We all are living with lots of dreams in the heart. And to accomplish that we put our self in the hard work, as possible we can make. 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. Here comes the concept of multiple income sources. Instead of just depending on the single income, you have to find the other source which also generates money for you.
Here are some reasons why there is a need for multiple income sources:
A High income skill
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 have which bring 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 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 on nurturing 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 is another income source to let the money in. Don’t hesitate if you have to change the job, think about the better future it follows. Single income will left 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 don 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 another income source.
A Side hustle will be the best option when we have so many desires & a single income source.
Passive incomes: Money that work 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 one source of income. Learn how to manage money in your 20s, and that all will result in secure future.
That’s the difference which makes an impact in life. Active income comes only when you work for it, But passive income are generated based on how you manage your money.
One income source for one expense
When you have a different source of income, you can effectively plan a future of yours and your family as well. As now we have multiple sources of the income, we can allocate that in specific purposes like. One source for daily expenses, one for family & personal insurance, one for Saving & other for investments.
But when we are relying on a single stream of income, there we used to postpone our saving & investments decision, because of single & limited income. Hence, in order to give our family a bright future, we have to work harder & to find 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 the multiple sources of the income, we can manage that as per the daily expenses & saving, investments, as we planned for.
Look for the secure future
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 another income source and not to rely on the single income. Managing a money well is also a one thing to do in your twenties, when you are in 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 our self from the debt of the bank, we need to think about generating another source for the income.
Due to having multiple sources of income, we feeling relief that we don’t need to borrow money from the banks.
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 to dig a well only when it’s a fire emergency.
We are habitual in our life and think like doing 9-5 is enough for us. A one job, one income source will not give us a better future. We have to work harder & smarter and focus on our skills. Skills that become a money maker for us in the future.