Why you should have multiple source of income and a multiple source of savings: A business guide
Checking on the title of this post, you will discover that we have two talking point. They both are almost related and if you are not careful or conversant enough, you might mistake one for the other. Permit me to point the difference out. We have the multiple source of #income and at same time, the multiple source of #Savings. In a nutshell, we have income and savings altogether.
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The inspiration to write this post came from the little encounter I have with life not long ago. Issues are bound to happen in life but how you deal with it matters a lot. A rich man today in a twinkle of the eye can become a poor man tomorrow. There is nothing new under the sun, you might doubt it but for real, it has happened and it will continue to happen. At least this will act as guide to every body aspiring to be a great somebody in life. The world you are into, if you are not ready to plan, life will help you to plan the hard way.
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I seperated the two topic as I will be speaking seperately on them. Let us talk about multiple source of income first. As we have it, #income can be seen or defined as the money you receive for the time and effort you render to a certain course. Income in a nutshell requires you to render services and in return get rewarded for it. Let us take this for instance, if you are working for your state government, you are directly and indirectly rendering a service which at the end of a certain duration of time, you will be paid for the service you renderd.
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Now no matter how it is, do not stay contented with just that single source of income. If you want to see your self progressing fast in life, you should have different source of income. Like for example, you can be working with the state government and still have other source of income attached. If your work won't permit you for that, you can have passive source like carrying out one or two activities online.
Permit to tell you this little story. My cousin called me and he was crying that he needs money to rush down to the headquarter of the place he was working. I have advice him time without numbers that he should try to have another source of income, but he refused. Now he is in into such mess and he is running around. You never can predict what is going to happen in the future but is better you have more than one source of income so that when issue arises, you will be able to deal with it.
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Apart from working and getting paid, another thing you should take vital is savings. Many people are not disciplined up to this very extent, they use money for whatsoever thing they thinks is important to them. I know somebody who said he doesn't know what the future will bring forth, so he is after spending his money without savings. I wonder where such person derive inspiration from. No matter how it is, it is better you have savings. You never know what the future holds. Try save in multiple ways so that when you have challenges, you can run to it.
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There is this my friend that I admire so much. He loves savings. He has bank account with different banks and he makes sure that some of the account he doesn't even access to withdrawing from it. He told me that there was a certain time he decided to have a look at what is inside the various account, he was surprised to see that the money he thought where little became a big savings to him. He said that with such act, he now realises that little drop of water can make an ocean.
From the above we can deduce that having multiple source of income and savings is very vital in life. It will go a long way into ensuring you achieve your dreams faster.
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Remember that little drop of water makes an ocean.
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Very good!
It's true, the more sources of income we have the better, it doesn't matter if they are passive but we know that something is happening on the other side and the best thing is that it is without doing almost anything. Today nobody is safe in their job and with what is happening worldwide less, unemployment is what abounds today in many countries. On the other hand saving has always been a good strategy, it is what everyone should do, you never know when you will be in trouble and your savings will save your life.
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I strongly corroborate with your point about having multiple strings of income and this is why people will always tell you not to put all your eggs in a single basket.
I think it's also very important we learn more about managing our income because some people may still end up being broke or poor despite having multiple stings of income and savings if they lack proper management or good managerial skills.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
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A single source of income could be likened to standing on a thin wire on a foot, it is a very risky act that needs to be improved upon, good post friend.
Just like your friend, it is amazing how tiny drops of water makes a mighty ocean.
There was a time I was saving the extra change I had at hand and by the time I checked out the amount I had, I was extremely blown away.