Are you just relying on a single source of income? Or You have just a job or business? Then you must continue reading this stuff because it is highly beneficial for you. The ongoing COVID-19 pandemic taught us a lot of lessons. One of the most important lessons among them is “don’t rely just on a single source of income.” Everybody must have Multiple sources of income. Therefore, there are a lot of reasons for it. For example, in the case of losing a job or making a loss in a business can be overcome only in the presence of having another source of income.
Amazingly, the internet revolution makes it easier for you to have multiple sources of income. Luckily, not only this but it helps in learning new things, getting every information, making friends, and boost your business. Most of the people got their jobs through online sources and platforms. Similarly, they also started their own business on the internet with the help of relevant websites and apps such as Amazon, Fiver, Upwork, and many more.
Some Interesting Facts and Figures:
According to an estimate, almost 4.66 billion people are actively using the internet around the globe, this means 59.5 % of the total world population. This is only possible because of the speedy penetration of internet growth around the globe. As a result, we can hear good news from all over the world that it significantly helps people in earning a decent amount of money through online employment opportunities and internet-based business. That’s why you must also think about establishing an online source of income to support yourself in uncertainty.
Luckily, it is very easy to make money online because you just need to learn a skill and sell it on different online platforms or marketplaces. For example, you can start as a blogger, who writes for blogs related to your interest or discipline. Or you can be a Vlogger, who makes money through a YouTube channel. If you are good at selling and marketing you can be a digital marketer. Who sells digital products, offers consultancy, and brings online customers. So, keep making multiple sources of income and then re-investing it in other sources to expand your income sources.
Why it is beneficial to have multiple sources of income? Because when one business or job goes down, you must be confident about your second gig to help you in making money and recovering your first one also. So, everyone must think about the future in terms of money also, to make multiple sources of income through different businesses and jobs.
Some Key Benefits of having Multiple Sources of Income:
If you are an entrepreneur or businessman then why you should have multiple sources of income? Because there are many benefits of having multiple sources of income that’s why you should have to enjoy those benefits. That’s why I would like to share some key benefits with you to motivate you for it. So, let’s start and don’t skip reading.
To be Independent Financially:
The feeling of being financially independent is so amazing and especially in times of uncertainty. Therefore, in the early stages of a business startup, there are some uncertainties that’s why to save money most of the owners do several tasks themselves. As their business progress or they got much understanding of it they gradually start outsourcing some secondary tasks. And the process of outsourcing continues slowly till they become financially independent.
Here, I want to ask a question if you will not do many tasks at the early stages of your business startup then still your business will generate money? Amazingly, the answer to this question helps you in knowing whether you are financially independent or not. Here I just to say that if you make multiple sources of income, then you will be able to become financially independent. Then what will happen?
The greatest thing that happens will be that if you will not do your business task or even you will not be present, Your business will be able to continue tasks and generates money.
Enhanced Safety and Stability:
Remember, you must go for a second source of income when you are confident enough about your first business success and sustainability. Therefore, I thought that businessmen and entrepreneurs must seek new ambitious sources of income for their business growth. Because having multiple sources of income reduces the risk of losing all and helps you in sustaining your financial position. So, having multiple sources of income ensures your stability and safety.
Let me give you an example if your only income source fails or bankrupt then what will happen? Simply, you will be empty-handed and nothing will be left. So, in case of having multiple income sources, your and your business safety and stability are secured and confident.
Money makes Money:
It’s a very common phrase that Money Makes Money. So, multiple sources of income increased your ability to make money. So, you will have more money and will be able to scale faster. The reason lies in the phrase that Money makes Money. So, more money will attract more money, and in this way, you will get scaling faster.
The flexibility of Working at Your Own Ease:
When you have multiple sources of income you are more confident and free from secondary and daily routine tasks. So, it gives you greater flexibility of working at your own ease. Luckily, if your multiple sources also include remote working then it is more comfortable for you to work from home. Being your own boss with enough money helps you a lot as an entrepreneur. You can easily monitor your income sources along with strengthening yourself by exploring new opportunities around the globe due to remote working facilities.
Ensures your Dream Life:
Everyone in this world desires to live a dream life. But due to the limitation of resources, not everyone can achieve it. But those can enjoy their dream life who think smartly and seeks to grab more opportunities. If you can manage multiple sources of income then you must go for it to make multiple sources of income. To avail a chance to live a dream life you must spend more efforts to make multiple sources and spend more time on it to make it successful. The more you will be financially independent the more will be a chance to live your dream life.
Because financial independence gives you the freedom to live your life according to your dreams. And it is only and only possible when you have multiple sources of income to be financially independent. Apart from the benefits of having multiple sources of income, I would also like to share different types of income streams or sources. The different types of income sources help you in understanding that which one is best for you. You must choose the best one that suits you best and go for it as soon as possible to enjoy all the benefits of having multiple sources of income.
Types of multiple sources of income
There are many types of income streams but I would like to share the most common among them. Here are some common types of income streams or sources.
Earned Income is a direct source of income or a primary source for example earned through a job.
Active and Passive Income Streams:
Active Income streams are just like a business where you provide a service or do some work and in turn, they pay you. However, passive income is like an indirect income source that is not associated with the work you have done. For example, an online store, because initially you have to spend time and money and later when people visits and buy something you become able to get money.
It is the best way to make money and also saving money. It’s an income that comes from property rent.
Diversification is mostly done by large businesses. They diversify their services and products to make new sources of income through different business operations. For example, a Flower business can diversify its business by offering different services also like wedding decorations, mail delivery, party events, and many more.
Profit Income simply comes from buying and then selling the product or services at an increased cost than its original price.
Interest Income mostly comes from banks when you submit your extra cash into banks they pay you interest on that money.
Capital Gains Income:
It comes from buying and selling different assets that give you an income called as capital gains.
It comes from buying shares of a company as a business part-owner. So, you get dividend payments being a part-owner. This is also considered as the best passive income source or stream.
So, you are ready to start to have multiple sources of income?
The key thing to start anything is to Think First. When you will think more you will get more opportunities and ways to achieve them. So, if you want to be successful then you must pay first the price of success to move towards your goal. To be successful follow these things which are sleeping less and eating less. Because nobody sees your hard work from the outside they can only see your success. So, you must decide whether you want your life and your future Or your ease and sleep. Now it’s up to You whether you go for what you want and how much success you want to experience.
Don’t forget to share your experience with us. And obviously do share with us about your multiple sources of income if you have? You can also share with us if you want to add anything.