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Why Should You Have More Than One Source Of Income?
It is always better to have multiple sources of income. As you go into the market and see how much inflation has risen, you get to know the importance of having more than one source of income. Getting a job or starting your business in today’s economic scenario is becoming difficult and what is even worse is that nobody’s job or business is safe. Unless you are a tenured government employee, there is no job security.
Moreover, the unemployment rate is increasing and it is time that we realize this and work to create alternative sources of income. Most of us haven’t thought about this thing but if we don’t start to take action now, upcoming times will be difficult as the world is going through tough economical times at the moment. For this reason, we will be discussing a few reasons why you should have more than one source of income:
Combat Rising Inflation
Every year you will have noticed the price of products is increasing. This increase in prices of products and services is called inflation. If you bought a product for $100 and the next year the inflation rises by up to 10%, you are going to get the same product for $110. Every year, as inflation increases, the purchasing power of people decreases but the increase in income or salary is not so significant to combat the rising inflation.
So, if you don’t work to grow your income, you will be facing tough economic times in the upcoming future. The benefit of having more than one source of income is that the rising inflation rates will have minimal effect on your life as the alternative sources of income can pay the extra for you and save you against rising inflation.
Tackle The Increasing Cost Of Healthcare And Education
The cost of healthcare and education is increasing exponentially. In recent times, massive privatization all over the world has made health and education more expensive than ever. If you want to provide good healthcare or education to your family, then having an extra source of income will help you a lot. Just a few hundred extra bucks can make a huge difference.
Helpful In Emergencies
In times of crisis and emergencies, an additional source of income will help a lot. If you are a regular working person, doing a 9 to 5 job and you lose your job or you are a businessman and come across a huge loss in business, an extra source of income will help you to pay for your expenses in such times of crisis. Even if you lose your job or business, a side hustle can help you to pay for your living expenses.
Fulfill Your Dreams
If you want to live a lavish life or fulfill your dream of having a nice, big home, a car, frequent holidays, and foreign tours, then a single source of income might not suffice. Most people that you see in the news and on social media platforms like Omegle and Instagram are successful, making huge empires, and living dream lives because they are not reliant on a single source of income. Your single source of income may only be able to provide you with a good house and a good car. To fulfill your other dreams, you will have to create a new source of income that will allow you to fulfill your other dreams too without cutting your expenditures.
Attain Financial Freedom
By having more than one source of income, you will be able to attain financial freedom in your life. Having financial freedom in your life is very important. It allows you to live a standard lifestyle without having to worry about expenses. To achieve financial freedom, you will have to increase your monthly cash flow and one of the ways to do this is to create a new stream of income.
You can invest small amounts of money every month to increase cash flow or if you have some passion or hobby such as playing guitar, you can start giving guitar lessons over the weekend to earn some extra bucks. You can also start working on the internet if you have a certain skill that you provide to people or make content by showcasing your unique content to random people on Ometv.
Increase Your Earning Potential
Having more than one source of income increases your earning potential. While you cannot become a guaranteed millionaire but by having multiple streams of income, you can become one, much faster. If you only have one stream of income, your earning potential is limited and it is capped by what your employer pays you. Even if you have an annual salary of $50,000, it will take almost 20 years for you to become a millionaire without spending even a penny out of your salary.
Having multiple sources of income can help to increase your earning potential. Instead of waiting for the annual 3%, 5%, or 10% increase in wages, why not work harder and grow your income by 100% and even 1000% per year?