I was in a training recently talking about Financial Freedom; which I made clear, that it could only be achieved by having multiple streams of income. Building multiple streams of income is no longer a luxury, it has become a necessity. If the high rate 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. Although, some couples may be more fortunate and have a spouse bringing in money each month, but they are still relying on a job for their livelihood; which is why I will be sharing with you 6 Implications of having one source of income
- Lack of Quality Health Care: Whether you are in favor of the health care reform or not, chances are you are feeling the pinch of higher health care costs. Adding an extra income source can go a long way in paying for things like higher prescription costs and unexpected medical costs. Remember, your health is your wealth!
- Job Insecurity: I can’t over emphasize this; how safe is your job? Let’s face it, no job is really ever safe, especially in a tough recession. Having other sources of income can help you deal with a job loss much easier than being caught off guard. Even if your other sources of cash can’t cover all of your monthly expenses, it can still give you time to figure things out.
- I Cost of Quality Education: At least, if not all over the world; I know that quality education is expensive in Nigeria. Mind you, if you must have a secure future; education is the key. Instead of putting your retirement at risk by saving up for your child’s secondary education, why not create an alternative income stream to help out. Having multiple streams of income bringing in cash every month can help ease the burden of paying for college.
- Living on Loan: If you do not have more than one source of income; chances are that you will be living on loan; whether formal or informal loan. I was with a friend over the weekend, and she was complaining of how she could not sleep, because she has loans to pay up. Common, why living your life to serve others? When was the last time you have been able to pay cash for a car or could pay for a large home improvement project without taking out a loan? A second or third income stream could be used to save for these types of purchases; so you don’t have to take out a loan and pay any interest.
- Inability to Control Your Own Income: Take Control of Income When was the last time you got a raise at work? Even if you have received one in the past year, there is no guarantee you will be getting one next year, especially the way the economy is behaving. Do yourself a favor and take control of your finances by creating multiple streams of income. That way you have the power to give yourself a raise anytime you like!
- Living in Fear: This is one of the reasons why top multinational company’s managers die months after retirement; because they have stopped having any pay cheque. When you don’t know when the next pay cheque is coming in. Depend on one source of income; is like standing on one leg – it’s too risky.
Here is the good news…
I am not just going to leave you with the implications alone; I am going to help you start other sources of income today for FREE.
You see, there is no magical limit as to the number of extra income streams you should create. Just as long as the time you spend maintaining them doesn’t become too cumbersome and they produce positive cash flow. There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up. Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense. If you are lucky, these income streams could potentially do more than just supplementing your income and help fatten up your savings accounts.
There is a FREE Empowerment Programm, organized by Global Evangelical and Prayer Ministries. Where you can learn one of the following for FREE
- Mini Importation
- Event Decoration
- We Design
Venue: Olaks International Hotel, Between Ijaiye and Meiran Bus Stop.
Date: 10th – 12th May
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