Today i shall be writing to you reasons why you should create another stream of income.
First let us take a look at this extract from an article i found on www.entrepreneur.com
".....For anyone who values financial security and ultimately
desires financial freedom, creating at least one additional stream of
income is no longer a luxury. It has become a necessity.
Diversifying
your income stream is crucial to protect yourself and your family
against the unavoidable ups and downs of economic and industry cycles.
Because of the financial risks that come from relying on one source of
income, such as a job or a business, consider creating at least one or
more additional streams to generate cash flow.
Your additional
income streams can be active, passive or a combination of the two. Some
may pay you for doing something that you love (active), while others can
provide income for you without your having to do much of anything at
all (passive). You can diversify your income streams among different
industries to protect you against major losses during downturns in one
market and allow you to financially benefit from the upswings in
another.
This
truly is one of the not-so-obvious secrets of how the wealthy become --
and stay -- wealthy, which unfortunately isn’t taught to the masses....."
Hal Erold Author & Contributor
Now lets look at the reasons why you should create another stream of income:
1. Unplanned circumstances. I am sure that like me, no one budgets for bad or unpleasant circumstances but we all know that we are bound to encounter such circumstances at different points in our lives. And the annoying part is that they always require money to fix them. For example, sicknesses either from you or any member of your family (especially severe sickness associated with the Aged), car accidents, car repairs, generator repairs and any other property of yours that could suddenly develop a fault and require urgent repairs. You will see that by the time you decide to take all these into consideration and budget for them, your salary becomes grossly insufficient to take care of your responsibilities!
2. Job insecurity. This is no longer news as we continuously hear stories of workers being laid off from their jobs and its not because they do not have the required qualifications! Today there are so many intelligent first class and 2.1 graduates who are out of jobs for one reason or the other, and so many more out there who are desperately searching for jobs! In fact, if you resume work on a given day and close work without any letter or bad news, be grateful that you still have your job. That evil spirit called "downsizing" is yet to visit your place of work.
3. Employer Domination. Because your employer pays your salary and knows you have no other income, they tend to want to dictate your life They ask you to come to work at odd hours and days. Some people are forced to go to work on weekends because their employers have demanded so and they have no choice since they do not want to loose their jobs. This is what happens when you have only one option, one source of income!
I've found that employers are more respectful of their staff members who are wealthy and do not depend on the salaries they are paid.
4. Relaxation? too expensive. This is always the last thing on the mind of the average Nigerian especially when expenses are involved. But there are times we wish we could just take some time off to relax. Although it may be expensive to travel for relaxation, the truth is that we cannot afford it because we do not earn enough to afford it.
5. Money while you sleep. For most of us, the bulk of our money comes while we're awake and at work. Really rich people make money while sleeping from having businesses that do not require their constant involvement/participation/attention to do well. Beyonce makes so much from CD sales, which do not require her attention. Same with Dangote and Otedola, they make money from you and I driving to their filling stations at night, buying a Dansa fruit juice while going home stuck in traffic. We drink, they earn. We fuel, they earn, we listen to music, they earn. What is working for you while you sleep?
6. One more secret from the wealthy. Do you really think you can become rich working for someone? You can never be richer than the person you work for. No employer can pay you more than he pays himself. The only way to assure yourself of constant promotion and better pay is to work for yourself or at least do something that works for you.
7. Trends are changing. Certain industries are becoming less important in our time. In the next few years, it could be an industry you're in or you have some interest in. So you need to have your hand in many pies.
8. God says so. If you believe in the bible, then read Ecclesiastes 11 from verse 1 to 2. It says "Cast your bread upon the waters, for after many days you will find it again. Give portions to seven, yes to eight, for you do not know what disaster may come upon the land." And he doesn't suggest just one or two, he says 7 or 8. In the book of beginnings, the first mention of a river that nourishes a garden tells us the river has four tributaries, meaning the garden needs to be nourished on all sides.
9. Because you really do need it. Seriously, you really need to have another stream of income so that you can gain financial freedom and spend your money the way you want.
2. Job insecurity. This is no longer news as we continuously hear stories of workers being laid off from their jobs and its not because they do not have the required qualifications! Today there are so many intelligent first class and 2.1 graduates who are out of jobs for one reason or the other, and so many more out there who are desperately searching for jobs! In fact, if you resume work on a given day and close work without any letter or bad news, be grateful that you still have your job. That evil spirit called "downsizing" is yet to visit your place of work.
3. Employer Domination. Because your employer pays your salary and knows you have no other income, they tend to want to dictate your life They ask you to come to work at odd hours and days. Some people are forced to go to work on weekends because their employers have demanded so and they have no choice since they do not want to loose their jobs. This is what happens when you have only one option, one source of income!
I've found that employers are more respectful of their staff members who are wealthy and do not depend on the salaries they are paid.
4. Relaxation? too expensive. This is always the last thing on the mind of the average Nigerian especially when expenses are involved. But there are times we wish we could just take some time off to relax. Although it may be expensive to travel for relaxation, the truth is that we cannot afford it because we do not earn enough to afford it.
5. Money while you sleep. For most of us, the bulk of our money comes while we're awake and at work. Really rich people make money while sleeping from having businesses that do not require their constant involvement/participation/attention to do well. Beyonce makes so much from CD sales, which do not require her attention. Same with Dangote and Otedola, they make money from you and I driving to their filling stations at night, buying a Dansa fruit juice while going home stuck in traffic. We drink, they earn. We fuel, they earn, we listen to music, they earn. What is working for you while you sleep?
6. One more secret from the wealthy. Do you really think you can become rich working for someone? You can never be richer than the person you work for. No employer can pay you more than he pays himself. The only way to assure yourself of constant promotion and better pay is to work for yourself or at least do something that works for you.
7. Trends are changing. Certain industries are becoming less important in our time. In the next few years, it could be an industry you're in or you have some interest in. So you need to have your hand in many pies.
8. God says so. If you believe in the bible, then read Ecclesiastes 11 from verse 1 to 2. It says "Cast your bread upon the waters, for after many days you will find it again. Give portions to seven, yes to eight, for you do not know what disaster may come upon the land." And he doesn't suggest just one or two, he says 7 or 8. In the book of beginnings, the first mention of a river that nourishes a garden tells us the river has four tributaries, meaning the garden needs to be nourished on all sides.
9. Because you really do need it. Seriously, you really need to have another stream of income so that you can gain financial freedom and spend your money the way you want.
Do you agree with me?
If yes, then i want you to consider partnering with us at Helping hands international. You can get in touch to know more about us.
