Lifehack logo

This is why you need multiple streams of income

Many people think that having one job or business is a surefire way to build financial security and grow your skills.

By Deladem KumordziePublished about a year ago 5 min read
Like
This is why you need multiple streams of income
Photo by Alexander Mils on Unsplash

Many people think that having one job or business is a surefire way to build financial security and grow your skills. However, there are many reasons why you should aim for multiple streams of income – even if it's not essential in your situation.

If you have only one source of income, then you’re living in dangerous times. You may think that having a source of income is enough to ensure your survival and security, but not if it’s dependent on one thing alone. Many people think that having one job or business is a surefire way to build financial security and grow your skills. However, there are many reasons why you should aim for multiple streams of income – even if it's not essential in your situation.

In this article, we explain why having multiple streams of income is necessary for everyone who wants to live a comfortable life without worrying about going broke or losing their job.

You Gain More Financial Security

- You can take more risks.

- You can make bigger investments.

- You can take time off to go back to school or pursue other interests while still having money coming in.

- These are just some of the benefits of having multiple streams of income:

You Grow Your Skills Faster

As a side hustler, you have the flexibility to learn new skills as they arise and make money while doing so. This can be useful if you want to expand your skill set or learn things in order to find a new job. For example, if you work in sales and want to become an entrepreneur, it might be beneficial for you to learn how to do Excel accounting or how to manage a business budget yourself instead of hiring someone else who knows those things but doesn't bring any sales skills.

You also can grow more quickly than someone who has only one full-time job because working on multiple projects at once gives people access to quicker learning curves and helps them become better at what they do faster than if they had just one source of income (and thus only one source of experience).

You Build Up Your Network

You will be able to build a network of people who can help you in the future. It might be that they know something that could help you, or it could just be that they are experiencing a similar situation and can give you advice on how to deal with it.

You can learn from other people's experiences and make your own better because of it. You don't have to go through the same mistakes as someone else if their experience is something that applies to your situation too!

You can learn how to do something better by looking at what someone else has done and analyzing why it worked for them, but not for you. This is especially useful if there is no one around who knows more than you do about this particular topic - having a mentor really helps when learning something new! And even if there are mentors around... sometimes hearing from another person (who isn't biased toward his/her own method) gives us new insight into our own abilities and ideas which allows us room for improvement (and growth).

You're More Likely to Reach Your Goals

A second stream of income can be a game-changer for your life.

When you have multiple streams of income, it means that you have more opportunities to reach your goals.

It also means that if one of your streams fails—like if you lose your job or get sick—you still have other sources of income and therefore won't go broke.

This is important because:

- You are more likely to reach your goals! Why not? Because now, when something happens in your business or career (or life), there's another source of income standing by ready to help out with bills and debt repayments until things get back on track again. This gives people who start businesses the ability to weather storms without falling behind on their finances—which is key when starting something new like this!

Having multiple streams of income will help you build your security, skills, and reputation.

Multiple income streams will help you achieve financial security, skills development, and reputation building. Financial security is the ability to maintain a high standard of living even if your primary source of income suffers an unexpected setback. Skills development means gaining new abilities that increase your marketability and value as an employee or business owner. Reputation building refers to how others perceive you and whether they will want to work with you.

Having multiple sources of income will allow you to take advantage of opportunities when they arise without being confined by the need for stability in one source alone. This will help ensure that if one stream dries up, another can pick up where it left off while providing some protection against disaster scenarios such as losing your job unexpectedly or having a large expense pop up out of nowhere (like car repairs).

Once again: I am not advocating working all the time; however, I do think it is important that we have our priorities straight when it comes to money matters so we don’t live paycheck-to paycheck like most Americans do today!

Conclusion

Having a multi-stream income is a great way to get more financial security, grow your skills, expand your network and reach your goals faster. It's not easy, but it's worth it!

how to
Like

About the Creator

Deladem Kumordzie

Challenging everything I know, unlearning & relearning⚡️ A rare breed of business and technology. Business Planning || Branding || Front End developer || Graphics || Entrepreneur || Interested in Venture Studios

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.