Creating Multiple Source of Income
The way we are designed and structured is to think everything will actually last forever and the truth is it is not like that actually. This mindset has really crumbled and affected a lot of people's finances thinking that things will actually last forever but it does not actually last forever. Come to actually think of it, why do we actually find it hard to expand beyond our comfort zones, is it because we lack the capacity to do so? No, or is it because we don't, no. The truth is we don't just want to take steps to expand.
Depending on only one source of income is really a dangerous thing for you to actually believe in . I know that there are some sources of income that are fetching you a high level of income and making you a bit more comfortable in your financial life. But like they always say, it is dangerous to put all your eggs in one basket. Now let me actually try to balance it as much as possible right now? Does it mean you should be going at all cost just to establish your source of income and taking stupid and uncalculated risk. Of course not and that is why I am here to make this post today to teach us why and how we can create multiple sources of income.
Like I said, the first thing to establish is for you to actually believe that you want to take the steps of creating multiple sources of income. It is highly necessary. If you don't take the step from your heart first of all, it will really be difficult for you to get it sustained in the long run probably when you encounter frustration or one didn't at first work out as you were expecting it actually. Now don't get me wrong, there are times and seasons where you will take the steps of creating those multiple sources of income, some you will run into loss and some you will win, some you will encounter frustration at start and some will continue going freely. You just need to make that decision from within you as to which one you actually want to go for.
After establishing in you that you actually want to create more Multiple Sources of income. The next thing for you to do is to first of all start budgeting. I will first of all advise people to have a breakdown of their budget structure of their income. Have a saving plan and have an investment plan. Now what you need to do is whenever you see an opportunity to invest in other businesses or investment options, you just need to visit your investment funds and do so. By actually following that principle, you will actually discover that your income is not tampered with and not only that but you still have some savings funds to run to in case of emergency actually.
You must understand the law of taking risks. Make proper research of that which you actually want to invest in because it is very important. Don't just consider all investment options as it comes, it can describe very dangerous. You need to do proper research on it. Check the pros and cons of it and make sure that the investment opportunities you are about to consider is worth taking. Yes you might win or lose your money or capital at the end but nevertheless you must make sure that the risk is actually very minimal. I mean so minimal to the core. That is the aim.
Also one thing I will like to talk about is for you not to instantly expect a quick return. You should understand it will take time and gradually your capital with your income will start building up. Wealth is processed by process and not actually expected to be rushed. Allow the process to flow and come. Be patient with it and you will see it unfold. Don't entertain frustration as it will just weigh you down. Let it flow gently as it comes and be dedicated to building the other source of income.
Now one of the mistakes many people make is the aspect of at start, their primary source of income begins to suffer whereas it is not supposed to. And that is where it begins to crumble. In as much as you are building another source of income, I must advise you that you must never let your primary own source of income to suffer. The same attention you are giving to other sources of income to actually grow, continue to give that your primary source of income also or even much more than that so that both will be growing.
As I conclude, I used to tell people that it is not always difficult to achieve Financial freedom, it just requires you doing the right thing at the right time irrespective of whatever it may be. That is what distinguishes the poor from the rich. The rich do the right thing at the right time financially. Instead of investing in liability than assets as the poor will do, the rich invest in assets much more than liability. As you are starting this new year, I will drop this advice to you for you to work on your financial source of income. And you will end this year on a very good note beyond which you can ever imagine. That should actually be the goal and you can still even achieve the goal no matter what. Work hard and work smart. That is it...