10 Great Reasons You Should Have Multiple Income Streams
In todays uncertain economy, the safest solution to be wealthy,
be in total control and enjoy freedom for you and
your family is to have multiple streams of income.”
~ Robert G. Allen
I strongly agree with the above quote.
Building multiple income streams for your household now days is not an extravagance, it’s now a need. If the high rate of unemployment and mounting job losses have taught us that nobody’s job is safe.
Regrettably, for a great number of people their solitary source of income is from their job/ or their an owner of a traditional business, which can be a hazardous way to live. While some couples may be more fortunate and have a spouse bringing in money each month, but they are still relying on a job for their livelihood.
In view of the financial risks involved with depending on an a job for the majority of your incoming income, it’s critical to consider having at least one extra source of income.
There are many reasons why you ought to have multiple streams of income. I have listed them below, in the event that you don’t have any multiple streams of income setup yet.
10 Great Reasons You Should Have Multiple Income Streams
1. Provides A Safety Net
To start with, multiple streams of income give you a security net to fall back on, when something unexpected happens. Exspecially if you only work a 9-to-5 and you are reliant on that salary alone.
So what occurs on the off chance that you become sick? What do you do if you get laid off or terminated? How will you bounce back from losing your job?
In the event that you just depended on that one source of income, you may soon realize that you either:
Need to find another job quick, or
You may venture into the red while attempting to get yourself above water.
But if you have multiple streams of income, you can support yourself financially for at least a little while, and it gives you the opportunity to grow those avenues to earn even more money should you wish.
Putting all of your eggs in one basket is never a good thing, and the same goes for trusting your 9-to-5 to consistently be accessible to you. Multiple streams of income give you a safety net should you ever wind up without a steady job or income.
2. You Earn Vs. Spend
When you have multiple streams of income, you are investing your energy on building them up. That, consequently, means you are more averse to burning through cash.
When you’re occupied with a business or side hustle, you don’t have the opportunity to shop carelessly on the web or proceed to spend a lot of cash. Rather, your attention is on your income stream (hustle).
Which implies that you can set aside considerably more cash over the long haul, just by having an additional stream of income, regardless of whether you don’t make much from it!
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3. Allows You To Build Sinking Funds
Alongside standard investment funds, having multiple streams of income gives you the means to have dedicated categories for your reserve funds.
It’s a great way of telling your money where to go. They also allow you to save so you aren’t surprised later.
For instance, we as a whole realize that Christmas happens each year. Be that as it may, some of the time, you lose track, and the before you know it, you’re scrambling to purchase the majority of the nourishment and endowments – leaving you paying the expenses for it.
For some, individuals, paying for Christmas supper can place an enormous mark in their wallet, particularly when taking into account a huge family. But when you have multiple streams of income – those extra dollars help you fund your sinking funds, that’s one less thing you have to worry about.
4. Creates More Financial Security
Not only can you multiple streams of income give you a safety net for you. Likewise it creates more financial security for you.
If your day job pays for your bills, you can then use your other income to save, invest, and more. You’re able to make decisions that better affect your present and your future.
Besides, when you put a side your additional income, you can construct a retirement fund and a nest egg incase anything bad should occur. Wouldn’t it feel great to have an extra $10,000 in the bank just on the off chance that you need it?
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5. Build a New Income Stream
What better way to use your extra income then using it to grow another income stream? If you don’t need it to survive, then why not use your extra income to your advantage to increase your monthly cash flow and become financially independent?
6. Allows You To Be Creative
Having numerous floods of pay isn’t about the cash. Actually, at times individuals start a side hustle, private venture, or independent since it’s fun and an innovative outlet! In the event that your 9-to-5 pays well and isn’t awful, however isn’t satisfying you and what you ask for from your life, make another flood of salary!
You can locate an innovative outlet that:
Earn cash from it to pay for the pastime itself, or
Put some extra in your pocket, and have something to do other than sitting at a work area throughout the day.
7. Allows You To Take More Risks
What might you do on the off chance that you realized you weren’t stressed over cash?
Would you take more excursions?
Start another enthusiasm based business?
Or possibly you’d put resources into a couple exceptional organizations.
Whatever the case might be, having different surges of pay enables you to go for broke.
You’re less stressed over taking care of your tabs and obligations, and that enables you to then concentrate on carrying on with your life without limit and exploiting whatever comes your direction.
What’s more, who wouldn’t like to live without limit?
8. Diversified Income Sources
Any good stock broker will tell their customers the number one rule as an investor is to build a diversified portfolio to reduce risk. If you would diversify your investments, why wouldn’t you do the same with your income streams?
Creating multiple income streams allows a person to diversify the various cash flow sources that are coming in. In the event one dries up, then there are other sources of income to lessen the loss.
9. Helps You Pay Down Debt
Paying off your mortgage, vehicle, or credit cards is a great use for an extra income stream. If you can avoid paying tons of interest on a loan by making extra payments on existing debt, then you could be on your way to financial freedom.
Not exclusively can winning additional cash mean you can spare all the more yet in case you’re owing debtors, particularly high figure obligation, procuring additional cash implies you can thump it out significantly quicker!
Presently, in the event that you are making another surge of pay to satisfy obligation quicker, remember that despite everything you need to report your additional profit. So set some aside for investment funds and assessments, and afterward utilize the rest however you see fit!
Satisfying obligation quicker is simpler when you’re winning more cash through a side hustle or other salary source.
10. Take Control of Income
When was the last time you got a raise at work?
Even if you have received one in the past year, there is no guarantee you will be getting one next year, especially the way the economy is behaving. Do yourself a favor and take control of your finances by creating multiple streams of income. That way you have the power to give yourself a raise anytime you like!
There is no magical limit as to the number of extra income streams you should create. Just as long as the time you spend maintaining them doesn’t become too cumbersome and they produce positive cash flow.
Even if your alternative sources of income cannot cover all your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense (e.g. Hospital Bill). If you are lucky, these income streams could potentially do more than just supplementing your income and help fatten up your retirement account so you can retire earlier and more comfortably.
It’s time to become the master of your own life.
Don’t know where to start?
Want some guidance on creating other income streams?