Why You Must Have Multiple Income Streams. Depending on one source of income for survival can be very risky because if that source crashes, you won’t have anything to fall back to.
In the world today, especially with the high rate of unemployment, people lose their jobs everyday either due to the changing job market or re-organization of a company and the best people for the jobs are selected or based on the connections you have or what you can offer. As such, it is necessary to have a plan B so you won’t be taken unawares.
Having a multiple source of income entails having different avenues by which you generate for a sustainable livelihood. It is even easier these days because it can be done from the comfort of your home through the internet depending on what you want to do.
Why You Must Have Multiple Income Streams
Below are reasons why it is necessary to have multiple income streams if you didn’t already have one:
Generates More Income
The joy that comes with living a comfortable life and being able to cater for your needs with ease without having to think too much, or do lots of calculations in your head, or take months to save up for something you really need cannot be overemphasized. Multiple streams of income helps you make more money that you wouldn’t even have to depend on your job for survival.
An extra income stream would give you a fall back plan on the advent that you get laid off or retrenched or your salary slashed. It gives you a “Job inside a Job”. It wouldn’t let the shock of a job loss get to you so much because you’ll still have income coming in while hunting for a replacement.
Multiple income sources will give you an opportunity o plan for the future while tackling present needs. In other words, you’ll be able to spend on your needs and still have what you save and invest for future needs.
Multiple income sources would give you the courage to take on risks that can in turn give you other opportunities of making more money without fretting.
Brings Your Creativity To Limelight
If you’re a salary based job owner, the only way to illuminate your creativity is to take on another income source to get away from your ever gnawing boss. Also if you’re someone who doesn’t get content with your kind of job, or detest being bossed around or shown what to do and desire to do more, then the second stream income source could be your remedy. You can end up doing something you enjoy doing (hobby). It can get you more satisfaction than your job would have.
To Meet Early Retirement Goals
At retirement, income can only come if you have a side hustle. Also if, you had a multiple income stream while you were working, you would have been able to save up for retirement. You don’t have to wait until you’re older to have a side business. I would advise you start when you’re younger so you can live a more fulfilling life.
When things get rough, and the price of things hike as it is happening in the country presently, your salary might not be enough to cater for your nutrition, healthcare, clothing needs, etc. But if you have multiple streams of income, you’ll still be able to afford your basic needs with ease.
Helps In Paying Debt
Having multiple income sources can help clear debt faster. For instance, if you took a loan to purchase something, depending on your salary alone might not help you to meet up with your deadline, but having another stream can help you target that aspect until you’ve cleared. Also, multiple income stream can help you purchase things and pay for them immediately because you have income coming in from different sources.