10 Reasons to have more than one source of income
Earning money is important in life to fulfill desires and wishes. For that, it is always better to have more than one source of income. The benefits of multiple sources of income you must need to understand because of the uncertainty of Job and service markets. When you go to market and have to compromise with the brand/quality or quantity of products importance of a second income is realized. This article tells about why we need extra income and the ten most important reasons to have a second income source.
Need and wants are unlimited. To fulfill that money is required. Getting a job or starting a business is much difficult in today’s scenario. Moreover, the high rate of unemployment put additional pressure. Nobody’s job or business is safe. Some of us realize it and work for creating alternative income sources and some us have not yet think about that. If you are in the subsequent category then this is going to be the best solution to upgrade your thinking.
1. Raising inflation: Every year if you noticed the price of products is increasing. This is called inflation. The product you purchased today at 100 will be 106 next year with a 6% inflation rate. Due to inflation every year your purchasing power will be reduced with a constant income. So, if your income has not grown accordingly you will be in trouble. The alternative source of income can go a long way to pay the extra for you. You can generate passive income as an alternate source of income.
2. Living in your meanings: You must be able to live within your means in order to achieve your passion. If you can`t further cut expenses or just don`t want to sacrifice—create a new source of money. There are really two ways of life – either spend less or make more money. Spending less is tough in this era better to choose the alternate way making more money.
3. Raising cost of health care and education: Due to massive privatization, the two-sector viz. health and education are becoming costlier day by day. To provide better health care for family or education facility to your children an extra income shall really help you.
4. Requirement during emergency: The income from alternative source can really help in emergency. Suppose you are a businessman and you have come across a huge financial crisis or you are an employee, have lost your job. The extra source of income shall help you for paying you living expenses largely.
5. Fulfill your dreams: Most of us have dreams of a big home, cars, holidays, foreign tours, etc. There are only two ways to fulfill your dreams compromise with quality and quantity. With your single income source, a big home may be replaced by a budget home; a foreign tour may be replaced by local tours and compromise with dreams. If it is difficult to cut your expenditure any further, or you just don`t want to sacrifice any more—create a new source of income. Make more money to fulfill your dreams.
6. Exciting: In creation of a passive income, you will push yourself from your comfort zone to a challenging zone. By doing so, you will learn so many things, meet so many people and gather huge experiences. All these will be much exciting when you will start earning. To challenge and nurture yourself start exploring multiple options.
7. Enhances your financial coherence: The main argument for the importance of multiple sources of income is because it might help improve your financial coherence. The more passive income you develop, the easier it becomes to be consistent in your financial life from always saving, constant investing, and giving.
8. Financial freedom: Financial freedom is important in life. It means that you have enough money to spend your life with a standard of living without any worry. Achieving financial freedom, you can control your finances instead of being controlled by them. For achieving financial freedom, creating a new income stream is a good option. Crating small investments options shall really increase your monthly cash flow. The amount shall be re-invested to earn more in the future.
9. Following your passion: Just as with the lifestyle of the pay check-to-pay-check, you will suddenly be free to follow your passions or your dream careers if you have a passive money source into your bank account. You are free to follow what you really want if you have a continuous stream of passive income running through your money. Extra income, to put it simply, offers options and freedom comes with these choices. You can provide considerable time to nurture your passion. If your basic needs are fulfilled, you can find a reason for your existence and find out the real purpose of life.
Look, it`s the same 24 hours a day for everyone. You may want to think about how you may use time if you don`t think you have time to earn additional cash. It is up to you, but every day you may waste time, which can keep you from achieving your objectives.
Are you aware that the average person watches more than 30 hours a week of TV? Even if you used to find something to do just half of those hours rather than watching TV, that may be excellent!
Or, because you`re unorganized and postponing your works you may waste time.
Just Think: What do you think you can do each week with an additional five to ten hours or more?
This is all the time to find ways to earn additional income!
Not all now desire to make more revenues. However, if you are in a severe financial situation or just not satisfied with your financial status, I strongly encourage you to assess your time and identify ways to gain more revenue.
10. Talent nourishment: Suppose you are good at guitar. You can nourish your talent by starting guitar coaching or joining a music group. Both ways you can cultivate your skills and have some extra earning. In the future when you want to expand this skill to carrier the passive income and the experience shall give you support and confidence to go ahead.
There are several alternate income sources like starting a home business, working a part-time job, receiving rent from a property, royalties from books, blog, freelancing, YouTube channel, coaching classes, investment in mutual funds, and several others. You can start with one and expand it to multiple.
TWO BOOKS FOR YOU
There are two best-selling books on amazon which can really help you in this. You can check out and read for the betterment of yourself. After all, change starts from knowledge and reading.
This book is a guide to 10 well-established passive incomes to help you select the best one for your situation.
- You can enhance financial stability by use of this book
- you can improve financial stability
- say goodbye to the anxiety that comes with living paycheck to paycheck
- by earning extra money with your passive income you can retire at an early age
- you will have more time for your passions
- you will be able to earn money even if you are not working at that moment
- Even if you are confused, you must know that creating a passive income with the right information isn`t difficult.
- Sure you need skill at first or some money, but then you can enjoy your extra money.
If you really want to know about the ways of passive income, I shall recommend this book to read and implement in your life. Click the link PASSIVE INCOME IDEAS go to amazon and purchase the kindle version. Start the journey towards a better life.
It is one of the best books to understand the value of assets in life. This book demonstrates how most of us think, and that is why we remain impoverished throughout our lives. We all consider ourselves affluent, yet we do the same, we conduct the same money activities all around us. So how might we get rich while we use cash as a poor person?
- This book will assist you to discover out how your money may be used to make you money.
- It only transforms our financial perspective into money.
- It explains why the poor are trying to save money while the affluent are saving money.
- It shows you how to develop the rich`s financial habits even if you don`t make money.
- It offers you Money`s liberty, literally!
This book is a book one should have in his personal library. It will help you to understand what is an asset and what is a liability. Click the link Rich Dad and Poor Dad go to amazon and purchase the book. Take a step towards a better Financial life.
If you think your friends and relative should know the concept please share them on social media platforms for their betterment.
Author: Dr. Anirban Mukherjee
Dr. Mukherjee is working as a scientist in ICAR-Research Complex for Eastern Region, Patna.
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Sahin
Very informative and enriching.