WHY MULTIPLE SOURCES OF INCOME IS SO IMPORTANT; A FINANCIAL ADVICE.
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As an adult, it is very important to take our finances very serious. There are bills to pay, so many expenses and responsibilities to show up for, and most of the time, we have to deal with them ourselves. If your father is not a politician or you were actually born with a silver spoon, hustling is inevitable. And the funds you get from it, you have to spend carefully and sort your needs from mere wants. One will have to draw out a scale of preference sometimes and go for the ones that are of more priority.
It is very common nowadays that people will have multiple streams of income and honestly, I totally recommend that. Taking myself for an example, I have Hive and I have my business as my main sources of income. I am also taking an online course to acquire a skill, and I am learning about cryptocurrency and investing in it as little as I can. With the amount of things I have to attend to, if I see more sources of income, I would not hesitate to try them out. Being an adult is not even a joke and things can get very overwhelming at times.
To build wealth, a lot of things has to be put in place and this is just one out of many. Having a source of income is even very risky. We have heard of families where the breadwinner might lose his or her job and things will just turn around for the family negatively. If there has been other sources of income, they might have found it easier to get through such a trying time.
When you have multiple sources of income and you actually balance it well, you have multiple earnings and might be able to do more things than when you have just one source of income. One will be able to save up more and make more plans. Of course, it still depends on the kind of sources the incomes are coming from actually and the amount that comes from it. Some people do have multiple sources of income and still earn low and this might be the nature of those jobs. That is why working smart will always win over working hard.
Amidst all, financial literacy is something that cannot be overlooked. Some people earn good income and lack the knowledge of management. On the other hand, some don't earn much but they way they plan themselves, manage their funds and get into investment opportunities, they eventually achieve more. So, at the end of the day, it's not about how much money you make but how you utilize it. This is like a separate skill on it's own and needs a level of intentionality.
After making money, what is next? Pay bills and attend to never-ending responsibilities then wait for the next payday? I don't that's a good way to build wealth. Wealthy people knows the power of residual income, the art of making your money work for you. This is one thing that I have always had in my head and I think it is very important. Having multiple sources of income is not enough and make money out of them is not enough. There should be a way that money multiplies, that's really how to build wealth.
Thanks for reading❤️
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I totally agree with you. Sticking with just one source of income isn't advisable.
It always good to put your eggs in different baskets.
Yes, absolutely!
No matter how much you earn, one should learn to save from it. The best book I have read about financial advice and building wealth is from this book: "The richest man in babylon".
It gave laws in building wealth and one thing I remembered is, no matter how small or large your income, always keep saving 1/5th, i.e 20% of you income. Even if it is just one source of income.
Build this savings until it is enough for you to invest in other things. Then continue this process.
I might want to read that book too, I have heard so much about it.
Hmmm, thank you so much for this insightful comment, savings is indeed very important. You know there are also different ways to save as well and thank God many platforms have made it easier. One can save and still earn some interests from it and I think that is quite reasonable.
Everyone knows that this world has been monetized if you don't have money your no body
Honestly, this is nothing but the pure truth.
Yes dear your right 👍
I never imagined that I will get such a good financial advice from you. It felt much better. Nicely you presented it to us. Actually a nice plan and multiple income avenues if possible. Then surely a beautiful financial plan and a beautiful future can be dreamed of.
I am glad you were able to learn something from my post. Thank you so much for stopping by. Truly, making a financial plan is very important.
Multiple stream of income is important for financial stability and staying out of indebtedness. With so much expenses on daily basis, saving up for rainy days is important and that can only be possible when enough money is generated.
Yeahh, very correct! Especially with the way things are going in this country.
You're right, it's important to have other sources of income to meet our needs.
Popped in from Dreemport, always an awesome #dreemerforlife.
Yeah, amidst numerous needs, having a sustainable source(s) of income will actually go a long way.
I agree when you say that its not about how much one makes but by how judiciously they spend the money. Also, getting as many sources of income as possible is always ALWAYS a genius idea.
#dreemerforlife
Thank you so much for your contributions✨️
Great financial advice from you. These steps can help an individual to maintain a life of financial discipline.
It is not quite an easy task to be money prudent because human needs are insatiable.
Except an individual maintains a high sense of sacrifice and the ability to see ahead, one may not be able to attain financial stability.
Actually, to achieve great things, a lot of sacrifice has to be made. One will have to be very intentional and determined to achieve such goals.
Well said, dear friend.
Multiple sources of income is advisable but easier said that done. One can be working multiple jobs (especially in Nigeria) and not see the benefits of it. So, I realised it’s not necessarily about the income but the application of it. Where we put it, what it generates and so on…
Dreemport
True though, that's where working smart comes in actually.
It's good to have multiple sources of income and make investments as well.
Thank you for sharing.
#dreemerforlife
Yes, yes, you have grabbed those well.
Thank you more, for stopping by.