Life Style

This is What Happens When You Have Only One Source of Income

There is no security in a job, even a high paying one. Be smart and don’t rely on just one source of income. One of the wisest millionaires in the world, Warren Buffet, said “Never depend on a single income”.Continue Reading...CONTINUE.THE.FULL.READING OF THE ARTICLE>>>

Building multiple streams of income is no longer a luxury, it has become a necessity. The first step to building your financial strength is building your revenue strength. If the high rates of unemployment and mounting job losses have taught us anything, it is that nobody’s job is safe. Unfortunately for most people, their only source of income is from their job, which can be a risky way to live. You must become so financially secure that you forget that it’s payday; you have residual bills, why not have residual incomes?

Our conventional career path has led many on a journey of financial frustration and insecurity. It goes thus: you pick a job, advance in that job, draw a higher and higher salary, and eventually retire, preferably with a pension plan. Millions of people follow that path today, relying on a single source of income, but in today’s economy, that approach is inherently flawed. If you follow it strictly, it could set you up for hard financial times, longer stretches of work before retirement, and in some cases, total financial failure.

There is enough statistics to show that families that live totally on a single source of income are at the greatest risk of poverty. Your salary shouldn’t be your only source of income. Complementing your main salary is one of the most sustainable ways of buoying up your financial baseline. Someone once said that JOB is the acronym for Just Over Broke! A school of thought believes so strongly that having only one stream of income will continually keep us broke. In my bid to provide a biblical back-up for the idea of having a multiple stream of income, I discovered a verse that is worth deep meditation.

King Solomon in Ecclesiastes 11:2 (NIV version), captured the idea of multiple streams of income succinctly by saying: “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” The average millionaire has seven sources of income.

The tools to create multiple streams of income are all around us in the 21st century. We have more access to information, people, and opportunities than ever before. Unfortunately, people use all these as a form of distraction instead of disruption. You have the capacity, time, gifting and talent to create multiple streams of income. The more income streams you can create, the more secure your financial house will be, and the more wealth you will create.

You know the saying “never put all your eggs in one basket?” Putting all of your eggs in one basket by being dependent on one stream of income is risky. It is so crucial to the continuation of cash flow that you have another income stream that you can rely on if one fails.

The richest people are people with multiple streams of income. Bill Gates, Jeff Bezos, Sir Richard Branson, Elon Musk, Aliko Dangote, and Mark Zuckerberg started with one stream source but have grown their businesses to meet varying needs over the years.

The biggest factor preventing many people from adding extra streams of income to their life is the misconception that to earn an extra line of income, you need to devote an extra full-time job’s worth of time and energy to a different profession.

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Tiara Clephin

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