Seven Reasons Why You Need Multiple Source of Income

We all know that the job market is increasingly competitive, and in a world where two incomes won’t always cover rent, diversity is all the more important.

In the last 20 years, we have seen the 2008 financial crisis, and the COVID-19 pandemic has shot unemployment to record levels. If nothing else, this has shown us that no job is safe.

One way which you can protect yourself from these problems, is through having multiple income sources, allowing you freedom to relax in the case that something were to go wrong.

1. Employers are increasingly disconnected to employees.

We’ve all heard the stories about Amazon workers who can’t have toilet breaks and with rising unemployment internationally, it is clear that large corporations do not value their workers.

The danger of this devaluing of workers is that employers view workers as replaceable, whereas for many, their sole income source is not.

By giving yourself multiple streams of income, through saving young, investing and starting businesses, you can protect yourself from potential job losses and pay-cuts.

2. Income can be passive.

Passive income allows for you to make money in your sleep! This means that you can protect yourself from job losses, and spend more time with family and friends.

Passive income is defined as income for which there is either a short period of up front work, which then continually brings in profit (i.e. writing a book once, and never working again), alongside profit from other sources such as rental properties.

As passive income needs little effort in terms of earning money, it is the perfect retirement setup, and so has lasting benefits far beyond the job security it gives you.

3. Endless Opportunities.

In the digital age, Bitcoin took the financial world by storm, proving that the internet is creating unheard of opportunities, reforming how we spend, and earn, our money, and it’s not over.

The best time to plant a tree was 20 years ago. The second best time is now, Chinese Proverb.

The proverb above is one of my favorites, and daily it reminds me to take advantage of the time we have on this planet, and you should benefit too.

Hesitating with investments – both in yourself, and in your finance – is one of the worst decisions you can make.

Compound interest is powerful, and the earlier you start, the better you end.

4. Make your own decisions.

When working with a side hustle, the world is your oyster, you call the shots.

By making your own decisions, it is possible to get away from the feeling of working in a continual conveyor belt of employees, who mindlessly do the task allocated to them.

This could help you find a passion, be inspired, and have a whole new sense of motivation that until now, was entirely untapped.

Imagine being able to do what you love, whilst making money, and becoming financially independent from your job.

5. You want children.

Many women lose out in the job market through choosing maternity leave, and one way in which you can protect this gap in your CV or resume is through having extra streams of income, which can show your power as an employee, even in your time away from a 9-5.

While it is a lofty goal, it would be possible to achieve a series of passive investments paying $60,000+ annually, allowing for you to potentially quit your job, work as a full time parent, and not impact your finances.

Wouldn’t it be fantastic to have the flexibility to choose whether or not to work?

That is one of the financial gains from having multiple income streams, and for many adults, spending more time with their family is a huge goal.

6. Millionaires do.

They say that the average millionaire has 7 streams of income, and through this diversity of investment, their money can grow, and grow, and grow, that could be you too.

If you start building up your number of income streams today, then financial security awaits, and is possible.

7. It’s the best decision you’ll ever make.

This blog post started with me telling you that there is a dire situation in the job market, that millennials are increasingly struggling to get by, and that unemployment is at record levels, all that is true.

Do you really want to struggle into  retirement?

Do you want to have your children struggle to pay for your care home?

By making solid financial decisions now, it is possible to counteract many of these growing issues, and to reach the life you love.

You will look back and be pleased at what you have done, and your future will be richer, happier, and more secure.

By having multiple income streams, you can start on the better path, to financial freedom.

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